Intuit QuickBooks Unveils Game-Changing Features for Tax Season: Split Billing, Enhanced Reporting, and MoreFeb 10, 2024
As tax season kicks into high gear, Intuit QuickBooks is reinforcing its commitment to supporting accounting professionals and their small business clients. In a recent press release, Intuit announced a series of updates aimed at simplifying tax filing processes, reducing stress for accountants, and enhancing overall platform reporting capabilities.
Split Billing Revolutionizes 1099 Filing
One of the standout features introduced this tax season is the groundbreaking split-billing functionality for 1099 e-filing. Acknowledging the challenges faced by accountants dealing with wholesale-billed QuickBooks clients, Intuit QuickBooks has designed a solution that streamlines the entire 1099 preparation and filing experience.
In the past, accountants had limited options when it came to billing arrangements—either 100% wholesale or 100% direct-billed. Now, for the first time, accountants can utilize split-billing for 1099 e-filing, offering flexibility in choosing who covers the cost. This means wholesale customers can add their own payment method or allow their accountant to handle the 1099 e-filing expenses, while accountants working with direct-billed clients can opt to use their firm's payment method for this specific service.
This innovative approach aims to enhance the flexibility of QuickBooks tools, provide greater cash flow predictability for accountants, and simplify payment processes year-round. Intuit QuickBooks envisions extending split-billing capabilities to all wholesale products, further optimizing the user experience.
Additional Updates for Tax Filing Support
In addition to split billing, Intuit QuickBooks has introduced several other updates to streamline tax filing support:
Quick Employer Forms Accountant
- Simplified creation and e-filing of employer forms including W-2, 1099-MISC, 1099-NEC, 1099-INT, and 1099-DIV.
- Automatic receipt of W-3 and 1096 forms.
- Unlimited license for creating multiple companies and forms with a redesigned user interface, reduced page load times, and improved navigation.
1099 e-filing Reports
- Two new automatically generated reports: "Accountants used to pay vendors report" and "Transaction & accounts organized by vendors report."
- Ability to e-file corrections directly from QuickBooks Online for no cost, addressing the 2024 mandate for e-filing corrections.
Simplified Reporting Across Products
The latest updates also extend to reporting capabilities, providing accountants with more tools at their fingertips:
QuickBooks Online Advanced
- Three new report options for project-based clients: Work in Progress, Invoices vs. Estimates, and Estimates vs. Actuals, offering deeper performance insights.
- New options and simplified views for QuickBooks Online expense reports, allowing accountants to work more efficiently and customize their reporting preferences.
All these updates are a testament to Intuit QuickBooks' commitment to enhancing the accounting experience on its platform. The company is dedicated to continuously improving its tools based on real feedback from the accounting community. To explore these updates and more, visit here. Intuit QuickBooks remains a steadfast partner to accounting professionals, providing them with the tools they need to navigate the complexities of tax season with confidence.
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