QuickBooks Warning for QB Desktop 2021 : QB Desktop Pro, Premier, Enterprise, Accountant, & Mac 2021 versions are facing a service discontinuation after May 31, 2024. What this means : You can still use your desktop product but will no longer have access to QuickBooks Desktop Payroll, Desktop Payments, live technical support, Online Backup, Online Banking, and other services through QuickBooks Desktop 2021. QB will not provide security updates after June 1, 2024. The 2021 discontinuation warning is not new, but Intuit’s July 31, 2024 product announcement will change the landscape. After July 31st – Intuit will only be offering QB Desktop Enterprise for new subscribers. The only entities who will still be able to continue to use their current desktop product’s full functionality and receive security updates will be those who have an existing active subscription by July 31, 2024. Intuit has publicly stated, “all future innovation will happen in Quick...
As of January 1, 2024, the Corporate Transparency Act (CTA) has taken effect. The Act was originally signed in 2021 but has taken several years of planning to implement. We wanted to walk through some of the basic guidelines to clarify who needs to file the paperwork to comply with this new act. The CTA was created to help the Financial Crimes Enforcement Network (FinCEN) with tracking and discovering fraudulent entities that are laundering money, hiding assets, and funding illegal activities. The information that needs to be filed is fairly straightforward for the majority of businesses that need to file a report. We want to focus on the basics throughout this overview. If you have any questions or more complex situations please contact us and we can talk through your situation with you. The first step to filing a Beneficial Ownership Information (BOI) report is to determine if the business is formed in such a way that it is subject to the CTA. Only entities that are forme...