Payroll & QuickBooks®  Solutions for Growing Businesses

            January 2009 Newsletter

Due Dates:    January 15  = Monthly Payroll Tax Deposits
   January 15 = 4th Quarter Est'd Income Tax Deposits (State deposit may have been in December)
   January 20 = Monthly MN Sales Tax (Annual Filers have until Feb 5)
   January 31 (February 2) = W2s to Employees and Form 1099s to Vendors
   January 31 (February 2) = Federal and State Unemployment Reports and Payments
                               
New Mileage Rate for 2009 is 55¢.  Rates for 2008 were 50.5¢ from January to June and 58.5¢ from July to December. 

Uncertain about Payroll?  We can review your QuickBooks payroll reporting to see if the federal and state reporting is accurate, to help calculate the yearend deposits and to help with printing W2s. 
Start the New Year comfortable with your payroll reporting.

What is your MN UI Rate?  The new rates have been mailed out; your letter is found on the UIMN.org site under Correspondence.   Your number is near the bottom of the page.  Click here for info on which number to enter in QuickBooks.

Form 1099s:  Want to print Form 1099s from your QuickBooks accounting software?  We can help.  We have the forms and the envelopes so you can print your own if you wish.  Many times the preparation for this can be done on-line at a time convenient to you.  Begin by having current information on your service vendors who might be Sole Proprietors or Partnerships (or LLCs organized as Sole Proprietors or Partnerships).   
Here's an IRS Form W9 that can be used to collect information from your vendors. 

New in 2009 - Construction Contractors will need to withhold 2%
from Minnesota construction subcontractors who are Sole Proprietors.  Order the simple-to-use QuickBooks instructions from both the Payee and the Payer perspective.  Order the instructions for $6.00 plus sales tax.  (Free to our customers.) 

Are your addresses current?  Marking "Return Service Requested" on the envelope below the return address will keep you up-to-date.  If undeliverable-as-addressed, the mailed item is returned to you with the new address or reason for non-delivery.  There is no charge for this service, just the cost of the 42¢ stamp.  Try this for W2s, 1099s, Invoices and Statements.

How many payroll periods will there be in 2009?  There are 53 THURSDAYs in 2009.  If paydays are Thursdays, you may need to budget for an extra payroll in 2009.

Resist the pressure to upgrade QuickBooks.  QuickBooks 2006 will be phased out for payroll April 2009.  Older versions will continue to work except for payroll functions.  
QuickBooks 2007 & 2008 are viable software for payroll and do NOT need upgrading.
                                                                                                                               updated Jan 5, 2009