QuickBooks for Windows1099-MISC Changes & SolutionsUPDATED January 27, 2012

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IRS Regulation Changes for 1099-MISC

• Beginning tax year 2011, the IRS changed the filing regulations for form 1099-MISC for those small businesses who pay 1099 vendors using payment types other than cash or check.• If you pay 1099 vendors using credit cards, debit cards, or

through third party payment networks, like PayPal, you will need to comply with the new regulations.– The IRS created a new 1099-K form in an effort to capture

unreported income from payment types other than cash or check. It is the responsibility of the third parties to file the 1099-K.– To prevent duplicate reporting, these transactions now have to be

excluded from 1099-MISC forms filed by small businesses.

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Resource – Payroll.com/1099

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Includes:

• Links to IRS website

• Details on options for complying using QuickBooks 2009-2012

• Updated QuickBooks 1099 Wizard

• Manual workaround

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Complying Using QuickBooks Windows*

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All QuickBooks 2012 Users

QuickBooks 2009-2011 User & pay

MORE THAN a few 1099 vendors

QuickBooks 2009-2011 User & pay ONLY A FEW 1099

vendors

Updated 1099 Wizard included in latest

QuickBooks release (R5)

Upgrade to 2012(Access from

Payroll.com/1099; includes discount)

Manual Workaround (Instructions on

Payroll.com/1099)

*These options are for small businesses who paid 1099 vendors with payment types other than cash or check.

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Updated 1099 Wizard Demo (QB 2012)

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Included in QB2012

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Updated 1099 Wizard Demo (QB 2012)

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Updated 1099 Wizard Demo (QB 2012)

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Updated 1099 Wizard Demo (QB 2012)

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Updated 1099 Wizard Demo (QB 2012)

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Updated 1099 Wizard Demo (QB 2012)

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Updated 1099 Wizard Demo (QB 2012)

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Updated 1099 Wizard Demo (QB 2012)

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Questions?