A commercial power failure has disrupted some of our online services. We are operating on back-up power and are working to restore services. We’ll provide an update on this issue at 12:30 p.m. Pacific time.

http://community.intuit.com/posts/important-direct-deposit-and-electronic-tax-payment-information

Based on the latest information we have, almost all services are up and running.

This latest QuickBooks Update includes password security compliance requirements for users of QuickBooks Merchant Services. More information on this topic can be found at http://security.intuit.com/pci-dss.html.

If you could spend 60-90 minutes learning more about QuickBooks, what would you like to know? Sheryl and I are currently setting up some “learning experiences” for new and established QuickBooks users and we are running into a “brain block.” Because we use this program on a daily basis, we sometimes forget that not everyone knows as much about how the program works as we do. Rather than a formal classroom setting, I am thinking about some sort of roundtable discussion forum where we can share some tips and tricks. If this is something in which you might want to participate, drop us a line.

Scaling New Heights was a fantastic opportunity for me to talk to software developers, other ProAdvisors, and vendors whose products integrate well with QuickBooks or offer an alternative for business reporting. The climb up Stone Mountain was hot (that is why I chose to take the cable car to the top!) but the view that day was beautiful. The laser light show (sponsored by Sage) was very enjoyable and the meal on the porch with a view of the monument was great (both the meal and the view).

Next step for me is to start working with people on Method and studying for the Level 2 certification in September!

As of today the Indiana Unemployment (SUTA) wage base is still at $9,500 instead of the correct base of $7,000. Clients who are preparing their own UC-1 and UC-5A forms to report their wages and unemployment tax due will be reporting the wrong amounts due to this incorrect wage base. According to Intuit, an upcoming payroll update will address this issue and correct the wage base. Until then, clients need to either manually calculate these returns or wait until the update to prepare the forms using the QB program. In any case, clients need to make sure that they load all payroll updates as soon as they are available from Intuit.

Here’s a relatively little known fact – you can completely cancel your tax debts by being declared a bankrupt.  Of course, there are certain conditions that you must fulfill.  But if you meet the basic criteria, you can wave goodbye to your tax debts.  On the other hand, there are several implications about being declared a bankrupt, so be sure you talk to a lawyer to evaluate your debt removal options first before going ahead to apply for either Chapter 7 or Chapter 13 bankruptcy.  Bankruptcy is not a convenient way to escape paying your tax dues, it is a provision for those who genuinely cannot afford to pay to be relieved of their tax debts.

There are 2 provisions of the Bankruptcy Code under which you can apply for bankruptcy.  They are Chapter 7 and Chapter 13.  In general, Chapter 7 bankruptcy means that you will have your entire tax debt forgiven.  On the other hand, under Chapter 13 you may have some of your debt cancelled and the remainder will be paid off via installment payments.  Most individuals choose Chapter 7 over Chapter 13, but if you have a lot in the way of assets or your own business, Chapter 13 may be a better answer for your particular situation.  There is much to consider when it comes to bankruptcy, taxes and your own personal financial situation, so you need to have a good understanding of all this before deciding whether to go ahead with your bankruptcy application.

There are 5 conditions you must fulfill in order to make a successful application for bankruptcy.  Firstly, the debt must be more than 3 years old in that the due date for filing your taxes must be more than 3 years ago.  This prevents people from declaring bankruptcy year after year so they don’t have to pay taxes. This time frame also gives both you and the IRS plenty of time to figure out other methods of payment short of declaring bankruptcy.   Secondly, the tax return itself needs to be filed at least two years ago.  Likewise, the third condition states that the assessment for your tax must be at least 240 days ago.  These conditions are imposed to allow the IRS to have as much time as possible to collect the taxes from you.  Bankruptcy should be a last resort.

Under the fourth condition, you must not fraudulently apply for bankruptcy otherwise you will not be given any bankruptcy protection.  The final condition states that you must not be guilty of tax evasion at any point during your life.  These rules about bankruptcy and taxes are vitally important if you wish to file for bankruptcy to remove your tax debt.

Darrin T. Mish is a veteran, nationally recognized tax attorney who has focused on providing IRS help to taxpayers for over a decade. He regularly travels the country training other attorneys, CPAs and enrolled agents on how to handle their toughest cases with the IRS. He is highly ranked among the top attorneys in the country, with an AV rating from Martindale-Hubbell and a perfect 10 on Avvo.com. Martindale-Hubbell has also honored him with a listing in their Bar Register of Preeminent Lawyers. He is a member of the American Society of IRS Problem Solvers and the Tax Freedom Institute. With clients on every continent but Antarctica, he has what it takes to solve your IRS problems no matter where you live in the world. If you would like more information about his practice and how he can help you, please call his office at (813) 229-7100 or toll free at 1-888-GET-MISH.

What You Should Know about Bankruptcy and Tax is a post from: IRS Tax Problem Solver Blog – IRS Help

April 15th, 2010 Your 2009 income tax return is due, unless you file for an extension until Oct. 15.

Tax return due.

File for extension. If you want an automatic extension of time to file your 2009 tax return, file Form 4868. Filing the form gives you until Oct. 15 to file your return. To avoid a penalty, however, be sure to pay any tax that is due on April 15.

Individual Retirement Accounts or Roth IRAs. This is the deadline for making contributions to IRAs or Roth IRAs for tax year 2009.

Estimated tax payment. Your first-quarter estimated tax payment for 2010 is due.

State tax returns. If you are required to file a state tax return, it is probably due, but check with your state to be certain. Many states automatically extend the filing time for those who have filed for a federal extension.

Household employers. If you paid cash wages of $1,700 or more in 2009 to a household employee, file Schedule H (Form 1040) with your income tax return and report any employment taxes by April 15.