QBO is taking clients' money for tax payment that are typically due 10-13 days later and placing the funds in QBO’s accounts. In some cases, QBO is withdrawing funds from clients' accounts that are not due for months. In one of my cases, the taxes were not due for ten(10) months. ESSENTIALLY QBO IS EARNING INTEREST ON THEIR CLIENT’S FUNDS. The risk is what happens to your funds if QBO goes bankrupt or the financial institution in which the funds are sitting goes insolvent? The FDIC is not going to protect you. You will be responsible for paying your taxes a second time. QBO has created a Ponzi scheme which does not indicate a strong financial picture. What exactly is QBO doing with our money while they are holding it? Stop using QBO's automated tax payment system before you lose your money.
