Now that tax season is here, we extend our best wishes to all of the hardworking professionals who diligently work to finalize their clients’ tax returns, as well as the accountants and bookkeepers who get the books ready. As your schedule allows, be sure to check out this month’s updates.
E-file returns in batches in Intuit ProConnect Tax
In a nutshell: You can help boost your firm’s productivity by using Intuit ProConnect Tax to e-file clients’ tax returns in batches.*
When your firm works with a large or growing list of clients, efficiency becomes more crucial—especially during tax season. Now, rather than having to individually e-file your clients’ returns in ProConnect Tax, you can work more productively by e-filing them in bulk. This can save significant time for admins responsible for e-filing returns. In addition, preparers can add a return to a batch after resolving critical and e-file diagnostics—a requirement that helps communicate accuracy among your team.
Once a preparer has a tax return that clears critical and fatal diagnostics, they can add it to a batch. Then, from the Tax Hub in ProConnect Tax, an admin can select Batch e-filing returns from the Batch actions dropdown, review a list of the returns ready for e-filing, and uncheck any returns they wish to delay filing. Then, they’ll select E-file now to e-file the returns that are checked in the list. The status of the batch can be tracked by selecting Batch e-filing history from the Batch actions dropdown.
In addition to simplifying the process for preparers to mark a return ready for e-filing, this update also makes it possible for admins to e-file clients’ returns in far fewer clicks. Learn more.
Important pricing details and product information
User access: Starting in Tax Year 2024, tax returns will require purchase of a separate, single-user (based on login) user fee (“user access”) in order to access functionality including e-filing, print, reporting, support and transcripts and benefits to other integrated services including IRS transcripts, Intuit Link, Intuit Tax Advisor, and K-1 delivery. A minimum of one paid user access service fee must be purchased together with your tax return bank. User Access can be purchased for additional users, as needed. Firms requiring 10 or more users pay a flat fee of $990 for user access. User access prices are exempt from discounts and promotions. User Access service period is by calendar year e.g., January 1, 2025 through December 31, 2025.
Terms, conditions, features, availability, pricing, fees, service and support options are subject to change without notice.
Simplified Bill Pay subscription process for accountant-billed clients
In a nutshell: It’s simpler to add Bill Pay for your clients on an accountant-billed (firm-billed) basis.
Rather than rely on multiple back-and-forth steps, you can now subscribe a client directly to the Bill Pay plan that suits that client’s needs. Afterwards, the client will be prompted to complete an application form—and would have 27 days to do so. After they’re approved for Bill Pay, they’ll be able to use it right away.
Note: If a newly subscribed client doesn’t complete their application within the 27-day window, the client’s Bill Pay account will be closed and your firm will be credited for the Bill Pay subscription fees paid.
Important pricing details and product information
Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services. For more information about Intuit Payments’ money transmission licenses, please visit https://www.intuit.com/legal/licenses/payment-licenses/.
Tap to Pay on iPhone for GoPayment and QuickBooks mobile apps
In a nutshell: Tap to Pay on iPhone allows your clients to accept in-person, contactless payments without investing in separate hardware for card processing.
With the QuickBooks GoPayment app or the QuickBooks mobile app, your clients using QuickBooks Payments can simplify how they get paid. They can take in-person payments for sales receipts and invoices using their iPhone and enjoy a 2.5% processing fee—the same as card readers and lower than keyed-in payments.*
Your clients can say goodbye to keying in card information or depending on a separate card reader that requires charging and connection. They can also empower their team members to handle payments using Tap to Pay on iPhone without accessing sensitive business info—even as their teams grow.
Note: This feature is a phased rollout on the GoPayment and QuickBooks mobile apps on iPhone. Availability for this feature through the GoPayment and QuickBooks mobile apps on Android devices has not yet been announced.
Important pricing details and product information
Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services
QuickBooks Payments: QuickBooks Payments account subject to eligibility criteria, credit, and application approval. Subscription to QuickBooks Online required. Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services. For more information about Intuit Payments’ money transmission licenses, please visit https://www.intuit.com/legal/licenses/payment-licenses/.
* Rates are accurate as of 12/16/2024. All listed rates are per transaction. Not all payment plans shown; only the most comparable plan by feature are highlighted. Additional 0.4%/0.5% fee per paid invoice may apply based on plan.
Get consolidated payroll reports from multiple past payroll periods
In a nutshell: QuickBooks Online Payroll can get a package of several payroll reports downloaded into one Excel file across payroll runs—at any time after a run.
You and your clients can find the consolidated payroll report option in the Reports tab under Payroll—just look for the “NEW” tag. Select multiple reports from a list of options to include in the consolidated report. Each report, specific to the payroll runs selected, will appear in a separate tab in the Excel spreadsheet.
This update was the direct result of feedback we heard from accountants. Before now, reports were limited to the most recent run. Now your firm can efficiently create a package of “client-ready” reports to provide clients an in-depth analysis of one or more payroll runs—at any point after processing the run.
You may have clients who had previously declined migration to QuickBooks Online and QuickBooks Online Payroll because of its past reporting limitations. Now is a great time to revisit the migration discussion.
Important pricing details and product information
Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services
Reverse direct deposit payments within QuickBooks Online Payroll
In a nutshell: You or your clients can now reverse a direct deposit payroll payment within 5 days right in QuickBooks Online Payroll.*
From Reports, you’ll be able to select payroll payments made via direct deposit and then choose to Reverse them. Having this option within QuickBooks Payroll makes it easier to find, use, and accelerate the reversal request.
Within 5 days of a pay date, you can initiate the reversal of a direct deposit from that date at no additional cost.*
Important pricing details and product information
Money movement services are provided by Intuit Payments Inc., licensed as a Money Transmitter by the New York State Department of Financial Services
* A reversal request doesn’t guarantee you’ll get the money back.
* Cost: QuickBooks Desktop Payroll and QuickBooks Contractor Payments: There’s a $75 charge even if the reversal is unsuccessful. QuickBooks Online Payroll: There may be a $75 charge even if the reversal is unsuccessful.
Original article from the Firm of the Future Blog by Chau Haner
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