Oct 7, 2021 Meeting Notes
/Year End Discussion
1099s, Engagement Letters, & Pricing, Oh My!
1099s & Record Retention
Track 1099 is very common, they now offer State Filing, and integrate with QBO. QBO can file 1099s, and Tax Bandit & E-File for Biz are also great! These have W9 tracking functions as well.
QBO has a way to collect W9s (Using QBO Self Employed) you might want to let the client know this. You may have your own internal process but QBO has a way to collect this. But remind the Biz Owner that it is their responsibility.
Pricing for 1099s - $15/20 ($60 since there is work throughout the year) per form as well as charge by the time it takes. Or build it into monthly fees, as it is process that you may be touching year round. Or Up to 10 could be included
Clients don’t realize what all goes into processing 1099s : list all that is included. Say hey the form itself has like 4 fields, clients can fill it out but here is all the info that we know (the collecting, the documentation, figuring out who gets one, figuring out who doesn’t get one, which ones are exempt, how do you know they are exempt, what kind of entity are they, is it over $600, are they an attorney)and we just do because we knowOptions for File Sharing: Box.com, Google Drive (but the free version is not secure enough), Dropbox
Adequate Record Keeping - You Need to have a document management system if something goes wrong, or you stop using that app, you lose that data, etc.
Include on Letter of engagement - Record retention is solely on the client, use strong language
Year End Letter
Year end letter - only a handful send one out
Time frame may be Oct/Nov
What purpose are you serving with year end letter?
Review year, do pre planning for next year etc
Reminders and rate increase could be included
This is what we each are working on etc cover your ass
Usually Oct write it & Nov send it
Remind them about estimated taxes
Mileage tracking
Inventory counts
Offer if not happy with payroll service good time of year to change!
Reminder to communicate with me when you make your tax preparer appointment so i know whose are due March 15 and who is due April 15 for timing
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