Intuit QuickBooks is on a mission to help businesses succeed. To accomplish this, we recognize the important role accounting professionals play in ensuring small business success. That’s why we’re focused on connecting 100% of businesses on our QuickBooks platform to accounting professionals, whether they’re ProAdvisors, independent accountants, bookkeepers, or experts employed by Intuit through our QuickBooks Live Bookkeeping services.
In 2019, we introduced QuickBooks Live Bookkeeping (Full-Service Bookkeeping), a monthly subscription service that provides virtual bookkeeping for businesses using QuickBooks Online who are not currently connected to ProAdvisors and accounting professionals.
We know that business owners connected to an accounting professional are more successful and confident in running their business. Through Full-Service Bookkeeping, we’ve successfully connected businesses that were doing their own books with dedicated QuickBooks Live bookkeepers who now maintain those books—giving owners a peace of mind and more time to focus on growing their business.
Testing a business tax offering
In Nov. 2022, we introduced TurboTax Business Tax, delivering a full service and assisted tax service to small businesses through our TurboTax Live experts.
In our efforts to provide an integrated platform that supports small businesses, there is an opportunity to include QuickBooks Live bookkeeping experts in the overall business tax process.
In Aug. 2023, we’ll begin piloting a program with current U.S. QuickBooks Online customers who are not connected to a QuickBooks Online Accountant account to help them prepare their books and file their taxes by the Sept. 15 business tax deadline. QuickBooks Live bookkeepers will first get the books organized, and then a business tax expert from TurboTax will prepare the return.
This pilot program is designed to serve small businesses that file taxes as an S Corporation, partnership (GP, LP, or LLP), or multi-member LLC to get their business taxes done without leaving QuickBooks.
Customer feedback will inform further development of this offering as we look toward tax year 2023.
Who provides the service?
We’re bringing in our experts from TurboTax and QuickBooks Live, another Intuit product, to help file taxes in QuickBooks. With an average of 16 years of tax experience, they are pros at helping partnerships, S corps, and multi-member LLCs get filed. Small businesses will be able to see their experts’ specific credentials and experience. Plus, every return is backed by our Expert-Approved Guarantee¹.
What type of tax returns are going to be filed?
Full-Service Tax is for business owners who file their business taxes as a partnership, S Corp, or multi-member LLC. If someone needs to file as a sole proprietor, they can file in TurboTax Live Self-Employed. We will file Forms 1065 and 1120-S, depending on the business entity.
What information will Intuit gather from small businesses?
We’ll gather all relevant forms, including prior year Form 1065 if the business filed as a partnership, Form 1120S if they filed as an S Corp, Schedule K-1, profit and loss statements, balance sheets, and end-of-year bank statements.
What business documents or tax forms are gathered to file Form 1065?
To file Form 1065, we'll need partnership financial statements, a profit and loss statement, net income and revenues, and all partnership expenses. We'll also need a balance sheet for the beginning and end of the year.
What tax form is filed for businesses run as an S Corp?
Form 1120S is filed for S corporations to the IRS. If the business is an S corp or is taxed as one, they'll have to file Form 1120S as the company's federal income tax return.
What happens if a business gets audited?
Audits by the IRS can be random. If the business return gets audited, a dedicated expert will represent the small business and communicate with the IRS or state agencies on their behalf.
1100% Accurate Expert-Approved Guarantee: If you pay an IRS or state penalty (or interest) because of an error that a TurboTax tax expert made while providing topic-specific tax advice, a section review, or acting as a signed preparer for your return, we’ll pay you the penalty and interest. Limitations apply. See Terms of Service for details.
Our QuickBooks Live Full-Service Tax Guarantee means your TurboTax tax expert will find every dollar you deserve. Your expert will only sign and file your return if they believe it’s 100% correct and you are getting your best outcome possible. If you get a larger refund or smaller tax due from another tax preparer after filing an amended return using the same tax data, we’ll refund the applicable QuickBooks Live Full-Service Tax federal and/or state purchase price paid. If you pay an IRS or state penalty (or interest) because of an error that our expert made while acting as a signed preparer for your return, we’ll pay you the penalty and interest. Limitations apply. See Terms of Service for details.