New TSheets Time Tracker App Launches for QuickBooks : Time Tracking Employees Love; Now Available in the Intuit App Center

TSheets, the leading-edge time tracking technology company developing flexible, real-world solutions for businesses worldwide, recently released an app developed exclusively for QuickBooks. This new app was designed to improve the speed and accuracy of tracking, managing, and reporting time for Intuit customers. Referred to as "TSheets Time Tracking for Employees," the app is now available in the Intuit App Center, and works with QuickBooks online, QuickBooks for PC, and hosted QuickBooks solutions.

"QuickBooks' customers desperately needed a better solution for timekeeping, especially after Intuit and QuickBooks discontinued their own time tracking apps last year," says Matt Rissell, the CEO of TSheets. "We've been developing ways to better integrate with QuickBooks for a long time and this new app offers the ultimate easy experience and the best time-tracking features on the market. It's time tracking that both businesses and employees actually love."

With the new app for Intuit, TSheets makes syncing with QuickBooks seamless. Service items, customers, employees, vendors and more sync to TSheets in just one click. Employees can then use that data to track time against and the manager-approved time then syncs back to QuickBooks in one easy click, making invoicing, payroll, and billing a snap.

TSheets allows end-user employees to track time in flexible ways, including on a desktop, laptop, any Internet-enabled device, or mobile phone -- including iPhone or Android app (with GPS), text message, or dial-in -- with real-time punch clock or manual time entry options. It's the only system built with the end user, the employee, in mind. Managers gain the ability to monitor billable hours, paid time off, GPS locations, and more.

When administrators make changes in QuickBooks, the new app's one-click syncing feature offers real-time updates, so all employees -- even mobile users in the field -- have up-to-date information to track their time against. Customized reports and settings, from overtime alerts to timesheet approval reminders, also improve accountability and time management for all involved.

WSJ's 8 most common tax blunders to get your refund back fast, don’t overlook the obvious

Wall St. Journal's MarkWatch writes on the 8 most common tax blunders to avoid, to get your refund back fast, don’t overlook the obvious....

Missing form

Tax season is finally in full swing, following the fiscal-cliff-induced late start. But some filers could see their refunds held up even further if they’re not careful. We consulted tax pros and the Internal Revenue Service to find out which flubs are most likely to cause problems, and what taxpayers can do to avoid them. One common mistake: not including all of the necessary paperwork. Before filing, be sure you have all the schedules and forms you need. (You can find instructions for most tax forms at www.irs.gov, including details on how each form works and what documentation you might need.) Those requesting a payment agreement also have to attach Form 9465. And don’t forget to make copies for your personal records, whether you’re shipping your return electronically or through the mail. — By Jonnelle Marte.

Misspelled name

While you’re not likely to forget your own name, not entering it exactly as it appears on your Social Security card could result in the IRS sending back your tax return. Pay particular attention to your middle name or middle initial (or lack thereof), and make sure your Social Security card reflects any recent name changes (contact the Social Security Administration at SSA.gov if it doesn’t). The Social Security number you enter should likewise, of course, match the number on your card.

Wrong filing status

Roughly 67,000 taxpayers chose the wrong filing status in 2010, up 38% from 2009, according to the most recent data available from the IRS. Tax filers are most often confused by the head-of-household status, which has three main requirements: You must be unmarried on the last day of the year, you must have paid more than half the costs of keeping up a home for the year and you must have lived with a qualifying person for more than half of the year. The qualifying person doesn’t have to actually live with you if he or she is a dependent parent.

Bad math

Taking a moment to double check the math on your forms could save you more headaches in the long run. The IRS caught more than 6 million math errors on tax returns in 2010, according to the most recent data available. Roughly half of those mistakes were due to errors on the now gone Making Work Pay Credit, a refundable credit offered in 2009 and 2010, but taxpayers commonly miscalculated how much they owed Uncle Sam, how much they could deduct and how big their refunds should be. Filing electronically with the help of online tax software could help you catch some of these errors, but taxpayers should also be sure they’re entering the right numbers into the correct boxes.

Unsigned returns

Antifraud experts warn that taxpayers should never sign a return before a preparer has completed it, but not signing your return at all could cause it to be sent back. Married couples often forget that both spouses need to sign and date a return if they are filing jointly. E-filers can sign online using a personal identification number issued by the IRS. Request one at IRS.gov ( www.irs.gov) using your Social Security number, name, birthday and mailing address.

Incorrect adjusted gross income

Taxpayers filing electronically who don’t have the prior year’s personal identification number will need their adjusted gross income for 2011 to verify their identities with the IRS. Pull the AGI from the return you originally filed with the IRS. You should not use the AGI on an amended return (Form 1040X), even if the number was corrected by the IRS.

Wrong bank account number

Using direct deposit can speed up your tax refund: The IRS issued 9 out of 10 refunds in less than 21 days last year, and expects to do the same this year. In contrast, taxpayers can’t check the status of their refunds for at least four weeks when they file by paper. If you are using direct deposit, take care to provide the right account number and routing number. Track your refund at IRS.gov. www.irs.gov

Missed deadline

If you need more time to get your paperwork in order, you can request an extension by filing Form 4868 electronically or by paper. Most taxpayers can qualify for an automatic six-month extension, and if they’re out of the country, can get an additional two months to file without even asking for it. But while getting an extension will help you avoid late-filing penalties, payments are still due April 15. If you owe, consider paying by debit card or credit card.

IRS Tax Tip: Missing Your W-2? Here’s What To Do

It’s a good idea to have all your tax documents together before preparing your 2012 tax return. You will need your W-2, Wage and Tax Statement, which employers should send by the end of January. Give it two weeks to arrive by mail.
If you have not received your W-2, follow these three steps:

1. Contact your employer first. Ask your employer – or former employer – to send your W-2 if it has not already been sent. Make sure your employer has your correct address.
2. Contact the IRS. After Feb. 14, you may call the IRS at 1-800-829-1040 if you have not yet received your W-2. Be prepared to provide your name, address, Social Security number and phone number. You should also have the following information when you call:

• Your employer’s name, address and phone number;
• Your employment dates; and
• An estimate of your wages and federal income tax withheld in 2012, based upon your final pay stub or leave-and-earnings statement, if available.

3. File your return on time. You should still file your tax return on or before April 15, 2013, even if you have not yet received your W-2. File Form 4852, Substitute for Form W-2, Wage and Tax Statement, in place of the W-2. Use the form to estimate your income and withholding taxes as accurately as possible. The IRS may delay processing your return while it verifies your information.
If you need more time to file you can get a six-month extension of time. File Form 4868, Application for Automatic Extension of Time to File US Individual Income Tax Return. If you are requesting an extension, you must file this form on or before April 15, 2013.
If you receive the missing W-2 after filing your tax return and the information on the W-2 is different from what you reported using Form 4852, then you must correct your tax return. File Form 1040X, Amended U.S. Individual Income Tax Return to amend your tax return.

Six Important Facts about Dependents and Exemptions

While each individual tax return is unique, there are some tax rules that affect every person who files a federal income tax return. These rules involve dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help you file your 2012 tax return.

1. Exemptions reduce taxable income.  There are two types of exemptions: personal exemptions and exemptions for dependents. You can deduct $3,800 for each exemption you claim on your 2012 tax return.

2. Personal exemptions.  You usually may claim one exemption for yourself on your tax return. You also can claim one for your spouse if you are married and file a joint return. If you and your spouse file separate returns, you may claim the exemption for your spouse only if he or she had no gross income, is not filing a joint return and was not the dependent of another taxpayer.

3. Exemptions for dependents.  Generally, you can claim an exemption for each of your dependents. A dependent is either your qualifying child or qualifying relative. If you are married, you may not claim your spouse as your dependent. You must list the Social Security Number of each dependent you claim on your return. See Publication 501, Exemptions, Standard Deduction, and Filing Information, for information about dependents who do not have Social Security numbers.

4. Some people do not qualify as dependents.  While there are some exceptions, you generally may not claim a married person as a dependent if they file a joint return with their spouse.

5. Dependents may have to file.  If you can claim someone else as your dependent on your tax return, that person may still be required to file his or her own tax return. Whether they must file a return depends on several factors, including the amount of their gross income (both earned and unearned income), their marital status and any special taxes they owe.

6. Dependents can’t claim a personal exemption.  If you can claim another person as a dependent on your tax return, that person may not claim a personal exemption on his or her own tax return. This is true even if you do not actually claim that person as your dependent on your tax return. The fact that you could claim that person disqualifies them from claiming a personal exemption.

Remember that a person must meet several tests in order for you to claim them as your dependent. See Publication 501 for the tests you will use to determine if you can claim a person as your dependent.   Email or call us here at ExactCPA if you would like us to send you Publication 501.

Three Simple Rules to Stay Off IRS Radar

Robert Wood, Contributor for Forbes writes: If you don’t want to wind up in a tax dispute do everything you can to avoid an audit. No matter how secure you feel in your tax positions, you don’t want the time, expense and aggravation of an audit even if you can substantiate everything. Still, some percentage of tax returns will be examined whether the returns are for income tax, payroll tax, gross receipts, excise, sales and use tax.

Follow these three rules and you’ll reduce your chances of grief from the IRS.

1. Keep Good Records. You might think good records help only if you’re audited. Actually keeping good records can keep you out of trouble in the first place. See Keep Tax Records In The Vault! Most audits are by correspondence. Thus, your deductions might be disallowed unless you produce records substantiating them. To respond quickly and thoroughly, be prepared. See Got A Tax Notice? Here’s What To Do.

2. Respect Those 1099s. Much of what the IRS does is information return matching, the endless correlation of taxpayer identification numbers and payments. Even small mismatches can trigger big problems. There are different Forms 1099 for miscellaneous income (Form 1099-MISC), interest (Form 1099-INT), and many other payments.

You need a system to record and track 1099s. That’s exactly what the IRS does. See Watch Your Mail For 1099s. Although most forms arrive in January, how you handle them year round matters. Don’t just stick them in a drawer when they arrive, look at them.

If you receive an incorrect Form 1099 (as is common), contact the payer that issued it. Explain the error and ask if they have already sent a copy to the IRS. If not, ask them to destroy it and issue a correct one. If so, ask for a “corrected” 1099 (there’s a special box for this). See Care With Forms 1099 Helps Audit-Proof Tax Returns. You want every income item to match up, every claimed deduction or credit to be approved, and every schedule you attach to pass muster.

3. Keep Business and Personal Separate. You may do things with a dual motive like a pleasant lunch with a business colleague, a boondoggle with your best customer or buying a vacation home you also intend as an investment. But these are fertile areas for tax disputes. Your tax life will be easier if you avoid morphing personal into business, including:

• Deducting the cost of your divorce because your business is at risk;
• Deducting a miserable vacation with a client; or
• Claiming your hobby was really for profit.

If possible, avoid these situations. It’s safer to separate your business and personal lives.

Robert W. Wood practices law with Wood LLP, in San Francisco. The author of more than 30 books, including Taxation of Damage Awards & Settlement Payments (4th Ed. 2009 with 2012 Supplement, Tax Institute)