Hi there, @LD Lompoc. 

I'd be glad to help you with changing the primary principal in QuickBooks Desktop. Let me guide you through the process.

If you're not the signer of the bank account, you can create a request letter. Make sure it's signed by all the company principals explaining the reason for the principal change

To download the form and complete the Primary Principal Change,  you can follow the set of instructions found in this article: Change primary principal for Basic, Standard, and Enhanced Payroll.

You may also contact QuickBooks payroll support for further assistance. Here's how:

1. Open QuickBooks Desktop.
2. Go to the Help menu.
3. Select QuickBooks Desktop Help.
4. Click Contact Us.
5. Enter a brief description of your issue, then click Let's talk.
6. Then choose your preferred way to connect with them.

You can also check this article for more details: Contact QuickBooks Desktop support.

I'll be adding this article as your future reference to help you with the process: Update your business name and address for QuickBooks Desktop Payroll

Please reach out to me if you need additional assistance with updating the principal information. Have a great day!

You hit the mark!  I have been using QB for 23 years and will NOT comply to this nonsense.

I have already stopped direct deposit and are looking into other software. 

I run 6 businesses with Quickbooks and they will loose them all!   They too have lost their good standings.

That reply was for 'keepingmyprivacy7' response!

The only recent federal mandate I found by googling is a requirement that the "responsible party" (principal responsible for the account) disclose name and ID number.  New applications for EIN will ask for that information.  I still have not found any federal or state site that shows a requirement for date of birth or personal address.  The fact that Intuit is not providing a link  to what "federal and state" compliance requirements they are referring to makes me believe Intuit is requiring more than is mandated by law.  This latest mandate in addition to time-consuming passwords and account sign-ins makes Intuit less competitive.  Thus I, for one, am planning for 2021 to be my last year as an Intuit payroll customer.  Here is a link to the new IRS requirement to provide responsible party name and ID number.

https://www.irs.gov/businesses/small-businesses-self-employed/responsible-parties-and-nominees

This is ridiculous! I am the bookkeeper for a non-profit that has a trustee board. Who would I even put for a principle officer. It is not a business that is owned. Of course the EIN Number did not work. I will NOT put my SS#. I feel like this is a scam. 

This may not be an easy process for you, CK90.

I'm here to provide clarifications about the requirements when using the payroll service in QuickBooks Desktop.

As the accountant of a QuickBooks client, the only time that you're required to enter the Employer Identification Number (EIN) is when you change the existing primary principal. And, if it's the first you set up a direct deposit. Check out again this form for additional information:  Intuit Account Principal Change Form.

Additionally, you're required to provide your Social Security number and date of birth on the Primary Principal Change Form. Use this link to get more information: Change primary principal for Basic, Standard, and Enhanced Payroll.

On the other hand, any updates on the Intuit account should be done by the Primary or Company Admin. Please visit again this article to learn more about this: Understand why you need to update your account info for payroll.

Keep me posted if you have follow-up questions about this by commenting below. I'm always around whenever you need additional information about the direct deposit update.

How can you all make these threats that the direct deposit will not work unless we provide this information.  The information for my firm has not changed since its inception.  And yet I get threatening emails that I will not be able to continue with Direct Deposits for my payroll unless I provide the information.  It doesn't say if there is a change in principals, it says by Law I have to provide the information.  I have repeatedly asked for this Law that they talk about.  I get nothing.  OFAC and FinCen know nothing about a new law that requires me to provide this personal information.

Well Quickbooks you have really done it this time.  Stating a law that does not even exist.  What is wrong with you?  How can you even ask for this information?   Oh that's right, you need to pay your accountants that you have working for you.  And you are worried about identity theft.  Well here you go we will give our information so all the people you have working for you can steal it.  Great idea!

Hello. Can you please provide the direct link to the federal law or a copy of the OFAC compliance bulletin that mandates this information be provided to avoid disruption in direct deposit. The link provided to further explain does not provide any information to substantiate this requirement you are asking for. It would help clear up any apprehension or confusion that many customers are having. Thank you for your help.  

I can share some information that you need about Principal Officer Verification, @Jude Thaddeus.

In compliance with the Office of Foreign Asset Control (OFAC), every employer should provide their principal officer's information (Name, Social Security number, and date of birth) along with their bank information.

This is required by the U.S. Government to fight the funding of terrorism and money-laundering activities.

Here's a direct that you're asking for more information on OFAC: Office of Foreign Assets Control - Sanctions Programs and Information.

For more information about the additional and acceptable documentation, refer to this article: Principal officer verification for Payroll IDV holds. 

I'm always here to provide help and answer any questions that you may have. Have a great rest of the day!

I appreciate your quick response @MJoy_D however the links you provided do not provide anything to back this. It is just a link to another QuickBooks article or to the Office of Foreign Assets Control website that has no statement on this. Please provide the code section, law bulletin, or order that mandates employers to provide a principal officer's personal information to legally continue direct deposit as I could not find anything on the OFAC, Treasury or IRS websites that would substantiate this statement QB has issued and the strict deadline of 7/31/2021. "Federal law requires us to obtain, verify and record information that identifies the principal owner listed on the account or an account used for electronic services, including direct deposit." Thank you for your help. 

They wont provide it because no such law exists..... Quickbooks "policy" is certainly not law..... 

Neither of those links provides information why we are to provide you with personal information of principals.  When you provide me the link to the actual Law, then I will comply.  Otherwise, no go.  Try again.

I agree with many of the comments that have been shared.   

This is a requirement from Intuit not the federal Government.   We should not have to follow these new guidelines and requirements for direct deposit.  We are not a foreign company, and do not do any business outside of the United States.

I have become less and less of a fan of Quickbooks over the past couple of years, and this is most likely the last straw to have us change software providers.

Please reconsider this stupid requirement.

I agree with many of the comments that have been shared.   

This is a requirement from Intuit not the federal Government.   We should not have to follow these new guidelines and requirements for direct deposit.  We are not a foreign company, and do not do any business outside of the United States.

I have become less and less of a fan of Quickbooks over the past couple of years, and this is most likely the last straw to have us change software providers.

Please reconsider this stupid requirement.

---

@MJoy_D wrote:

I can share some information that you need about Principal Officer Verification, @Jude Thaddeus.

 

In compliance with the Office of Foreign Asset Control (OFAC), every employer should provide their principal officer's information (Name, Social Security number, and date of birth) along with their bank information.

 

This is required by the U.S. Government to fight the funding of terrorism and money-laundering activities.

 

Here's a direct that you're asking for more information on OFAC: Office of Foreign Assets Control - Sanctions Programs and Information.

 

For more information about the additional and acceptable documentation, refer to this article: Principal officer verification for Payroll IDV holds. 

 

I'm always here to provide help and answer any questions that you may have. Have a great rest of the day!

---

@MJoy_D  How can we appeal this decision? 

Wouldn't it be easier to flag companies sending money to state-sponsored terrorism or sanctioned states (Iran, NK, Cuba, etc.), then refer them to OFAC for adjudication?  Like most of the posters here, I could not find anything on OFAC's website requiring any accounting software company to request (nay demand) owner personal information, and our business works directly with the United States Federal Government!  They have all of our information, and then some, so there really is no need to obtain this from your customers, as it puts owners in a precarious exposed situation that is already untenable, at best.  You could also look at types of business transactions that most likely would fall under laundering (artwork as an example) rather than wholesale ask customers to provide you with information that the Federal Government tells us not to disclose. 

Perhaps this was a result of the SAP and MoneyGram penalty decisions?  Even so, I believe you can limit the number of companies that would violate OFAC guidelines rather than ask all parties to provide such coveted personal data. 

A reply is requested IRT the appeal.  Thank you.

I contacted our State and OFAC for guidance on this issue after going around in circles with Intuit over the last few weeks. There is no state or federally mandated “rule” requiring we provide the principal’s personal information. 

Basically, here's what's going on:  In speaking to OFAC, there is a Blocked Persons List (OFAC Screening).  Intuit, or their subsidiaries, have a Money Transfer License for each state which allows them to do direct deposits.  While there is no law "requiring" the  Money Transfer Service to obtain a principal's personal information, if the money transfer service does a transaction that is not screened and one of the parties involved is on the Blocked Persons List the money transfer service can be held liable.  I believe this is why Intuit is requiring this information.  

I've contacted Intuit to find out how the principal's information will be treated outside of being used for the screening and am awaiting an answer.  

I feel better about this now but am still on the fence as to which way to go, knowing that Quickbooks has had data breaches in the past.  I might just pay our employees directly from our bank.  

Thank you for providing this info. Regardless, Quickbooks should not be requiring this. They can write software that checks the blocked person’s list and reject anything that matches. As it is, one needs to send payroll for direct deposit two days ahead. Enough time to run checks. This proposal is dangerous as given data breaches etc. 

I agree, this is BS!  I have to fill out this form and send it in when the company hasn't changed ownership EVER?!  QBs is horrible!

Thank you for the info. Please keep everyone posted on Intuit's response. I spoke to our bank and they advised something similar which made us feel better about possibly giving the information but not completely sure if it was the route to take. I noticed that the deadline is not August 31 which gives everyone a chance to continue to figure everything out. 

Hi everyone. 

I just wanted to join the conversation to assure you, before you inevitably Google

  "QuickBooks sharing payroll data with Equifax 7/31/21"

that the results you will see could possibly be completely coincidental. 

It really could be coincidental timing.  Really.

edit: duplicated message

p.s. Since you're thinking about that now, you can/should opt out of this new payroll data sharing, before 7/31/21. 

More info here: https://quickbooks.intuit.com/learn-support/en-us/data-utilities/get-answers-to-questions-about-the-...

where do I enter this new info needed