Most of small business use Quickbooks to do payroll. There does not appear to be a way to actually do it with Quickbooks. Intuit (who ownes QB) sent out an email saying they were looking into how to do it, but noting since. I even ran a QB payroll software update today and looked at the release notes. And nothing.
IRS doesn't even have complete rules out yet. We only know the deferral is optional at all because Secretary Mnuchin said "you can't force people to participate" during an interview. Who gets to decide? Employees or employers? What form needs completed?
All we do know is that companies are on the hook for paying back any deferred tax in 2021, so that's a pretty big incentive to not participate.
Most of small business use Quickbooks to do payroll. There does not appear to be a way to actually do it with Quickbooks. Intuit (who ownes QB) sent out an email saying they were looking into how to do it, but noting since. I even ran a QB payroll software update today and looked at the release notes. And nothing.
They knew this was coming for how long before the September 1st date? And they didn't prepare anything!?
Disappointed to say the least.
IRS doesn't even have complete rules out yet. We only know the deferral is optional at all because Secretary Mnuchin said "you can't force people to participate" during an interview. Who gets to decide? Employees or employers? What form needs completed?
All we do know is that companies are on the hook for paying back any deferred tax in 2021, so that's a pretty big incentive to not participate.