This month’s newsletter includes a big surprise by the IRS who has decided to delay revisions to W4 forms until 2020. This means that 2019 will be similar to 2018. Also, we feature an article on profitability from Entrepreneur.com, as well as big updates on accounting, human resources, and our monthly Quickbooks tip.
Walmart is the largest employer in the United States with 2.3 million employees. The US Army follows at a distant 2nd with 763,522 employees.
Market Update – Profitability in Business
The entrepreneurial journey can be exciting but also one filled with missteps and regrets. While some mistakes are unavoidable, business owners can reduce their learning curve by following wise advice from those with seasoned experience and long-lasting success. Who are those people? Their peers.
That was the idea behind a new survey by Kabbage. In collaboration with the small business research firm Bredin, the company polled 500 small business owners in nearly every industry across America and across the various life stages of a business. Their findings revealed what they consider valuable lessons on key, growth-producing moves by small business owners.
Payroll Update – IRS to delay major revisions to W4 forms until 2020
The following is the statement from the IRS.gov website:
“Following feedback from the payroll and tax communities, the Treasury Department and the IRS will incorporate important changes into a new version of the Form W-4, Employee’s Withholding Allowance Certificate, for 2020. The 2019 version of the Form W-4 will be similar to the current 2018 version. A new draft version of the W-4 for 2019 will be available in the coming weeks.
The IRS will continue working closely with the payroll and the tax community as it makes additional changes to the Form W-4 for use in 2020. The new version will help employees improve withholding accuracy, and fully reflect changes included in the Tax Cuts and Jobs Act.
For the current 2018 tax year, the IRS continues to strongly urge taxpayers to review their tax withholding situation as soon as possible to avoid having too little or too much withheld from their paychecks. Click here to perform a quick “paycheck checkup” using the IRS withholding calculator.”
HR Update – Introducing new paperless recruiting and employee onboarding service to our offerings
Pay Tech is proud to announce the addition of Get Hired to our services. This paperless recruiting and onboarding is easy to use and affordable. Reach out to Julie for more information.
Accounting Update – Tax Reform 2.0
Tax Reform 2.0, a collection of three bills intended to build on the foundation of the Tax Cuts and Jobs Act, was approved by the House Ways and Means Committee on September 13 and will likely be voted on by the whole House by the end of the month.
The bills are intended to make permanent the individual and small-business tax cuts made by the TCJA, make it easier for families and businesses to save for retirement, and boost American innovation by growing startup businesses, according to Ways and Means Chair Kevin Brady, R-Texas.
Quickbooks Tip – Using the Edit/Find feature
When using Quickbooks desktop, quite possibly the most useful time-saver is the edit/find feature:
At the top of the QB screen; select…
Click on the Advanced tab (tab on the right):
Select on the left side what you want to search for (the most common search is for Amount)
If you search for an amount, select “Amount” on the left, then “=”, then type in the amount in the box.
Click on “Find”