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The Department of Labor recently enacted a rule that changed the threshold to determine which salaried employees are exempt from overtime pay. 

The new rule, which took effect on July 1, 2024, could substantially impact business owners as more salaried workers are now eligible to receive overtime pay if they work more than 40 hours a week.

Download the PDF here for more information

Beginning January 1, 2024, the Corporate Transparency Act (CTA) requires certain companies to provide information related to the company’s “beneficial owners”, individuals who own or control the company.

WHO is a BENEFICIAL OWNER: An individual who owns 25% or more of the company, or someone who exercises substantial control over the company, such as senior officers.

WHO must report: A corporation, limited liability company, or entity created in the United States that registered with a State’s Secretary of State (SOS), or a foreign company that registered with a State’s Secretary of State.  Schedule C sole proprietor LLCs, Schedule E rental LLCs and Schedule F farm LLCs are also required to report if they registered with the SOS.

WHO is EXEMPT: There are 23 exemptions, including public accounting firms, non-profit 501c3 organizations, banks, insurance companies, money service businesses and investment advisors who already report to the FinCEN or SEC.  There is also an exemption for a “large operating company” that employs more than 20 employees on a full-time basis, has more than $5,000,000 in gross receipts, and physically operates in the United States.

WHAT must be reported: The legal name and trade name of the entity, physical address, jurisdiction where the entity was formed, FEIN, and beneficial owner’s name, address, date of birth, and US passport number or state driver’s license number, and an image of the passport or driver’s license showing the number.

WHEN must this information be reported: Companies formed prior to 1/1/2024 must report by 12/31/2024.  Companies formed on or after 1/1/2024 must report within 90 days of creation.  Companies formed on or after 1/1/2025 must report within 30 days of creation. 

HOW to report: go to https://www.fincen.gov/boi and select File BOIR.  There is no filing fee.  After the initial reporting, there is no annual reporting required, except for changes to beneficial owners and any address changes.  Updated reports must be filed within 30 days of the change.

 PENALTY for failing to comply: Civil fines of up to $500 per day for as long as the report is missing or remains inaccurate, or a criminal penalty of a $10,000 fine and a two- year jail term.

Please note that each COMPANY is responsible for compliance.  Please contact us after April 15th (unless you are a new business) if you have any questions or need any assistance.

After July 31, 2024, Intuit will no longer sell new subscriptions of the following Desktop products in the US:

QuickBooks Desktop Enhanced PayrollWhat is not changing:

• Existing Desktop Pro Plus, Premier Plus, Mac Plus, and Enhanced Payroll subscribers can continue to renew their subscription after July 31, 2024*. We will continue to provide security updates, product updates, and support for existing subscribers.
• All QuickBooks Desktop Enterprise subscriptions (Silver, Gold, Platinum, and Diamond) will continue to be available for purchase for new subscribers after July 31, 2024. Enterprise Gold, Platinum, and Diamond include integrated payroll.
• Accountants can continue purchasing QuickBooks Accountant Desktop Solutions, including ProAdvisor bundles, through our Accountant Sales team after July 31, 2024.

What actions to take with your clients:While we strongly recommend encouraging your current Desktop clients to move to QuickBooks Online (for more info, click here), we realize that some customers may prefer to stay on Desktop at this time.

• If you have clients on non-subscription versions of QuickBooks Desktop Pro, Premier, or Mac that wish to remain on Desktop, we recommend they purchase a QuickBooks Desktop Pro Plus, Premier Plus, or Mac Plus subscription through our Sales team before July 31, 2024.
• If you have Pro Plus or Premier Plus clients that have been considering Desktop Payroll, we recommend they purchase a QuickBooks Enhanced Payroll subscription before July 31, 2024 or upgrade to QuickBooks Enterprise Gold, Platinum, or Diamond, which include integrated Payroll and can be purchased after July 31, 2024. Alternatively, QuickBooks Online Payroll is available to Desktop clients and is a standalone full-service payroll solution that also offers HR support, Health and 401K benefits.*
• We also recommend that all of your QuickBooks Desktop clients upgrade to the latest version of the software by July 31, 2024. QuickBooks Desktop 2024 includes the latest features and security updates. If your clients are on an active QuickBooks Desktop Plus subscription, they have access to QuickBooks Desktop 2024 with no additional charge and simply have to install the update.

In February 2024, we will notify all QuickBooks Desktop customers of these changes. This gives you and your impacted clients 6 months to purchase a Desktop accounting or payroll subscription if they want to remain on the Desktop platform.QuickBooks Desktop Product Line-up Changes FAQStarting on January 8, 2024, the fee for each direct deposit paid through QuickBooks Desktop Payroll will increase to $4

• This price change impacts QuickBooks Desktop Enhanced Payroll for Accountants when using direct deposit to pay W2 employees. 
  • Because the employee direct deposit fee is billed directly to your clients, Intuit will send a 30-day notice to your impacted clients, addressed to the primary principals’ email address on file.
• For clients on “legacy” Enhanced, Standard, or Basic Payroll plans without monthly per employee fees, the new fee will apply when paying W2 employees via direct deposit.

Payroll FAQsWe appreciate you and your clients’ loyalty to the Desktop platform over the years, and we will continue to support those customers on a Desktop subscription after July 31, 2024*.  However, we highly encourage you to prepare your clients for the future by helping them move online. There are many benefits enabled by an online platform that can’t be realized through desktop software, including time savings, the flexibility to work from anywhere, and a customizable ecosystem of connected business solutions. To help you prepare to move your clients online, we’ve created dedicated support materials written by accountants who have successfully migrated their own clients and want to help pave the way for yours. Keep an eye out for additional resources as we help you manage through this change with your clients.Thank you for your business and your continued support of QuickBooks.Sincerely, The QuickBooks Team

QuickBooks Desktop Pro Plus

QuickBooks Desktop Premier Plus

QuickBooks Desktop Mac Plus