Posted on 12/02/2022 7:53:53 AM PST by AbolishCSEU
I run my husband's business as a sole proprietorship/LLC using a TIN. The TIN cross references to my SS# (the biz is in my name)
Been using Quickbooks online for almost 7 years now with NO tax issues. Out of the blue I get an email stating:
QB Needs your taxpayer info
The taxpayer identification info on your QuickBooks Payments account does not match the info on file with the IRS. To ensure our records are accurate, update your account within 14 days.
To update your account, visit the Online Service Center to change your business info.
Keep in mind
If you are an individual, sole proprietorship, or single-member LLC, the legal business name on your account should reflect your personal name. Your Taxpayer Identification Number (TIN) should reflect either your Social Security Number (SSN), Individual Taxpayer Identification Number (ITIN), or Employer Identification Number (EIN) if you have one.
For other entities, the legal business name on your account and your TIN, also referred to as EIN, must match what is on file with the IRS. If you need to verify what’s on file with the IRS, you can refer to the SS4 EIN Assignment Letter you received from the IRS or contact them at (800) 829-4933 and request a letter 147C.
What happens if I don’t update my account?
You may be subject to backup withholding or experience disruptions in service that result in funding delays, limited payment processing capabilities, or account closure.
Double check
triple check.
Call an accountant.
Call The DA..................
So now we have PRIVATE companies communicating YOUR information to the IRS. That in itself should scare the shit out of everyone.
It's time.
Do the Feds suspect you are guilty of Wrongspeak?
Get an accountant.
Ahhh ...
.... life was simpler with paper, and certified mail / receipt requested.
Besides, what filer wants to be an unpaid Eye Are Ess data entry clerk?
My DIL’s father is a chartered accountant with his own biz for many years. He gives me advise on an as needed basis.
I went into my QB biz info and changed the TAX ID number from my social to my TIN. Still funny that everything was fine and dandy but now this under Biden.
Anything electronic = always a risk, always.
Go paper.
Who knows but I’m openly MAGA on personal non-mainstream social media (not associated with the biz)
Unfortunately that is no longer practical. Most of our invoicing is paper check from customers however more and more are choosing to do ACH or card payments which you need a merchant account (in this case via QB)
It’s just funny that all of a sudden the acct was flagged on this even though I file as a sole proprietorship LLC/passthrough.
My CPA loves me .......
If everybody filed by paper the IRS would be screaming like bangees. Overwhelm the system and create chaos. It's the only way.
Yep. It’s obvious to me that the IRS is starting to “up” it’s flagging filters.
Didn’t the IRS just do a data dump over to FB/Meta recently?
Parallel economy is looking better and better.
>If everybody filed by paper the IRS would be screaming like bangees. Overwhelm the system and create chaos. It’s the only way.
They have some manufacturer on patriots.win that literally sends a palletload of paper docs every quarter of every financial transaction, refund, order, invoice, everything to the IRS just to torture them.
Try calling the IRS and getting this straightened out.
I’ll come back 6 months from now to see if you’ve gotten to speak to anybody yet..
Just curious…do you have to use the online version? I haven’t used QB for six years or so. We did almost nothing online (short of connecting to my bank.)
The second it connects to the bank to accept payments, the instant it reports everything so QB locally installed is pretty much the same level of invasiveness as QB online.
for real.
biden has told the irs to go after small businesses in order to squeeze as much money out of the producers/earners/workers/small business owners that he loves ONLY for their money.
biden has gone back to the $600 1099 thing that obammy tried, but backed out of. biden has re-instituted it and is keeping it.
This harassment will produce more money for the endless needs of an out-of-control government. It also will discourage people from starting a business. (unless they’re willing to kick back a few mil to biden)
The $600 1099-K thing is causing quite a stir amongst the landlord community. Some landlords (including myself) receive payments through apps like Zelle which are reporting over $600 as income.
What happens when you accept a DEPOSIT (refundable) through such apps and happen to issue a REFUND of said “income” throughout the year. I’m opting to just add it as an EXPENSE instead of trying to explain (as some naive landlords have suggested) to the newly minted 87K armed IRS agents why you didn’t include Bobby Joe’s security deposit as INCOME as reported on the 1099-K.
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