August is National Back-to-School Month. Because it’s such a busy time for young scholars and their families, we’ve kept this month’s update brief. Take a quick look at what’s new, then make sure to enjoy the rest of your hard-earned summer.
Upcoming changes to automated taxes in QuickBooks Payroll
In a nutshell: Clients using QuickBooks Online Payroll will have their payroll taxes withdrawn when their tax liability increases—like at each payroll run—rather than at tax deadlines.
Instead of processing payroll taxes in large amounts at the end of a tax period, which can be disruptive and catch clients off guard, the funds will be debited in smaller amounts and more frequently. Plus, withdrawals made toward tax liabilities will be reflected in their total tax liability as of each withdrawal date.
In addition, any applicable payroll tax debits will also be withdrawn when your client makes paycheck corrections or has any other changes to their tax liabilities.
Note: These updates will be rolled out to new QuickBooks Online Payroll subscribers through Sept. 30, 2024. Existing Payroll subscribers will see the updates starting Oct. 2024.
Original article from the Firm of the Future Blog by Chau Haner
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