FinCEN Alert on Fraud Schemes Abusing FinCEN’s Name, Insignia, and Authorities for Financial Gain

IMPORTANT INFORMATION FOR BUSINESS OWNERS: Corporate Transparency Act — Beneficial Ownership Information Reporting

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On June 1, 2021, we sent the following email to ProAdvisors® regarding the upcoming price changes and the introduction of the ProAdvisor Preferred Pricing program. A message from Ariege Misherghi and Ted Callahan, on behalf of the QuickBooks® Accountant team: You are our valued partner, and we are reaching out to provide advance notice of upcoming pricing and promotional changes. What is changing QuickBooks Online Essentials, Plus, and Advanced prices will increase: On July 15, 2021 for all new subscriptions. On or after Aug. 1, 2021 for existing client-billed subscriptions. On or after Sept. 1, 2021 for existing firm-billed subscriptions (current wholesale discount). The wholesale discount will be discontinued. We are launching a new discount program. The QuickBooks Online, QuickBooks Online Payroll, and QuickBooks Time (formerly TSheets) wholesale discount is being discontinued for new subscriptions, upgrades, and downgrades on July 15, 2021. We are launching a new discount program called ProAdvisor Preferred Pricing. Discounts from our new program will apply for new customers, upgrades, and downgrades added through QuickBooks Online Accountant beginning July 15, 2021. Wholesale discounts for active subscriptions added prior to July 15, 2021 are not changing.1 What will these changes enable? For the past eight years, the wholesale discount program has provided unmatched QuickBooks Online discounts as a way to thank you for recommending QuickBooks to your clients. The new ProAdvisor Preferred Pricing program will continue to offer you industry-leading benefits, including our only ongoing discount for QuickBooks. We understand that this is the kind of news that’s never easy to hear. The bottom line is that retiring the wholesale discount program is necessary in order to deliver the product and support you and your clients need today, and in the future. We’ve recently released innovations, such as performance center with industry benchmarking, month-end review, payroll insights, advisory training, and more. And, to help you better manage your firm’s own financials, we upgraded Your Books, giving you access to QuickBooks Online Advanced and QuickBooks Online Payroll Elite with QuickBooks Time, for free. We’ve also heard how important it is for you to have quality support when you need it. We are actively increasing the number of experts on our accountant support team, improving our caller recognition, and expanding expert knowledge across payments and payroll to help you get quick and reliable answers. These changes will enable additional improvements to how we support you. QuickBooks Online pricing updates Prices for QuickBooks Online Essentials, Plus, and Advanced are changing as follows:

A second wave of direct stimulus payments for millions of Americans has been approved – up to $600 for eligible individuals, $1,200 for joint taxpayers, and an additional $600 for each dependent child under 17. This means a family with two children could receive $2,400. As of today, there is nothing you need to do to get a stimulus payment. The IRS will begin work to issue stimulus payments using the most recent information they have on file, likely from your 2019 tax return, either by direct deposit or by check. Many Americans have already started receiving their stimulus money via direct deposit. If you filed taxes electronically, many stimulus checks are going to the account that you had your return given to you. So, how do you know if you may be eligible to receive a second stimulus payment? If you have an adjusted gross income (AGI) of up to $75,000 ($150,000 married filing jointly), you could be eligible for the full amount of the recovery rebate. *Note, adjusted gross income (AGI) is your gross income like wages, salaries, or interest minus adjustments for eligible deductions like student loan interest or your IRA deduction. Your AGI can be found on line 8b of your 2019 Form 1040. As your AGI increases over $75,000 ($150,000 married filing jointly), the stimulus amount will go down. The stimulus check rebate will completely phase out at $87,000 for single filers with no qualifying dependents and $174,000 for those married filing jointly with no dependents. The bill also expands stimulus payments to mixed-status households (households with different immigration and citizenship statuses), meaning more households may be eligible for this stimulus than were for the first round. This may be retroactive, so some individuals that were ineligible for the first stimulus, provided under the CARES Act, may then be eligible to receive that payment as well. Those people receiving Social Security retirement, disability, Railroad Retirement, VA, or SSI income and are not typically required to file a tax return, will again receive a stimulus payment. As in the first round, the IRS would use the information from your Form SSA-1099, Form RRB-1099, or the Veterans Administration to generate your stimulus payment. To read more, visit: https://blog.turbotax.intuit.com/tax-news/new-coronavirus-relief-package-passed-what-does-it-mean-for-you-and-a-second-stimulus-check-48557/?&cid=em_48439_2005008_003_2020___ If you think you may have been eligible for the first stimulus, but didn’t receive it, don’t worry. Talk to your CPA or Tax Professional about helping you claim your stimulus payment in the form of a recovery rebate credit when you file your 2020 tax return. Note: All information provided above is courtesy of TurboTax.com. Blog post originally posted on: January 2, 2021 via WordPress.

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