Volume XV | January, 2024
WINTER NEWSLETTER
  • Intuit Announces the Beginning of the Discontinuation of Desktop Products
  • FinCen BOI Reporting - New Federal Return for Businesses
  • RightWorks Price Increase Implemented
  • I AM RETIRED!
Intuit Announces Important Desktop Product Line-Up and Price Changes!
If you are on QuickBooks Online, you can ignore this section. On November 30, 2023 I received an email notification that Intuit is beginning the process of eliminating some of the Desktop Products from their line. The official announcement to the public is scheduled for February 2024.

After July 31, 2024, Intuit will no longer sell new subscriptions of the following Desktop products in the US:

  • QuickBooks Desktop Pro Plus
  • QuickBooks Desktop Premier Plus
  • QuickBooks Desktop Mac Plus
  • QuickBooks Desktop Enhanced Payroll

What is not changing:

  • Existing Desktop Pro Plus, Premier Plus, Mac Plus, and Enhanced Payroll subscribers can continue to renew their subscription after July 31, 2024*. We will continue to provide security updates, product updates, and support for existing subscribers.
  • All QuickBooks Desktop Enterprise subscriptions (Silver, Gold, Platinum, and Diamond) will continue to be available for purchase for new subscribers after July 31, 2024. Enterprise Gold, Platinum, and Diamond include integrated payroll.
  • Accountants can continue purchasing QuickBooks Accountant Desktop Solutions, including ProAdvisor bundles, through our Accountant Sales team after July 31, 2024.

Anyone still on QuickBooks 2021 Pro or Premier your license will end in May, you are NOT ON A SUBSCRIPTION and should move to QuickBooks 2024 immediately!

Starting on January 8, 2024, the fee for each direct deposit paid through QuickBooks Desktop Payroll will increase from $1.75 to $4. This price change impacts QuickBooks Desktop Enhanced Payroll for Accountants when using direct deposit to pay W2 employees. 

  • Because the employee direct deposit fee is billed directly to your clients, Intuit will send a 30-day notice to your impacted clients, addressed to the primary principals' email address on file (I have received notice that my clients did receive these notifications).
  • For clients on "legacy" Enhanced, Standard, or Basic Payroll plans without monthly per employee fees, the new fee will apply when paying W2 employees via direct deposit.

What does this mean for you?

  • It means that all of my payroll clients who are using my QuickBooks Desktop Enhanced Payroll for Accountants subscription that I pay for should start looking for new payroll solutions immediately.
  • It means that there will be no more improvements or resources devoted to the improvement of QuickBooks Desktop Products and all future innovation will happen only in QuickBooks Online (for more info, click here).
  • *It means that Intuit has begun the final countdown to the elimination of Desktop Products. This is the first step. While they announce that if you already have a subscription by July 31, 2024 you can continue to pay it; they end the announcement by asking that accountants "prepare your clients for the future by helping them move online". Intuit thanks their customers and again emphasizes the importance of moving to the QuickBooks Online platform. While they do not announce the final step of removing these products from their line of offerings completely, I would expect it to happen within the next 1-2 years and sooner than later.
  • While you COULD upgrade to the Enterprise Desktop product which is a bit more pricey; it would buy you more time, but this product too is scheduled somewhere in Intuit's "To Do" list of discontinuation announcements.

If you still have questions or want to read more about these changes please review the QuickBooks Desktop Product Line-up Changes FAQ that was issued to accountants.

NEW FEDERAL RETURN REQUIRED
FinCEN BOI ANNUAL REPORTING
The US Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) began accepting the new Beneficial Ownership Information Reports on January 1, 2024. Based on conversations with a CPA and what I have found online, the majority of you will be required to file these returns. Please contact your CPA to see if they will be filing these returns for clients or you may feel like spending the time to research and file the return on your own.
RIGHTWORKS PRICE INCREASE IMPLEMENTED
The annual RightWorks Price Increase was implemented with the billing on January 10, 2024. A separate newsletter went out to all RightWorks subscribers on January 4, 2024 as initial notification. For all users who continue to use QuickBooks Desktop Products and the RightWorks platform after July 31, 2024, the next price increase will be January 2025.
I AM RETIRED!
It is official and I have retired! Go me!

With that said, I have reached out to many of you and we are wrapping up the details to close out accounting and payroll through December and reworking agreements for QBO Discounted Subscriptions and RightWorks Discounted Subscriptions to continue. It has been way more painful than I expected. While I have been talking about the eventual discontinuation of the desktop products, I did not anticipate receiving the notice from Intuit prior to my retirement. This just further complicates the fact that I will not be available for these conversions in addition to all of the changes occurring with my departure. For those without internal resources for this type of project, I am attempting to guide everyone to people who can help.

Each one of you have been such a big part of my business and my personal life for many years and it is disheartening to see the challenges ahead of you and not be able to commit to continue offering my assistance. It is time for this change though, and I fear that if I continue working for even a day longer, many of you will wish I hadn't! I can't thank you enough for the opportunity to serve your business, your personal support and your friendship through the years.

While I am not disappearing off the planet, after January 31st (or until I complete the final payroll tax returns, information returns and close out December for all clients) I will no longer be at this desk everyday. I won't be here to regularly respond to emails or telephone and hopefully off to new activities that don't involve sitting in a chair! I wish you all the best and success with your businesses, your accounting systems and most of all . . . your personal lives!

This is my last newsletter and I hope that you are able connect with someone who can keep you advised and up to date on all things that affect small businesses in the future and provide the resources you will need to remain compliant in an ever changing environment.
Unlocking the Power of QuickBooks!
Cheryl Nance
CLN CONSULTING ASSOCIATES, LLC
You can always access prior newsletters and various forms on the Resources & FAQ page of our website.


Please contact us if you are interested in hearing about cloud solutions including QuickBooks Online.