Resolving Error 2555 in QuickBooks Pro

Pro Series – of QuickBooks – is undoubtedly swift in releasing the necessary updates for its existing Qb versions. All this will promisingly be varying as per the changing requirements – these may either be of the users or the QuickBooks Hosting Providers.

Moreover, those requirements will be like filling a form – comprising of entities like taxes related to capital investment, foreign exchange, etc – the sole purpose will be collaborating well with those third-party payment gateways.

Indeed, the requirements may only be fulfilled if the Pro Series updates may not get prone to errors. These errors may either be due to some corrupted files [leading to] improper installation, important forms like 2555 are missing in the applications, and so on.

Nowadays, many of the Pro Series community members will anonymously be searching for the solutions that must be rectifying the form error 2555. But before applying those award-winning solutions, this is imperative to know about those reasons – which will be entertaining – such type of error.

Imperative Reasons for 2555 error approved from Pro Series community members

Though the Pro Series software update will assertively be comprising of the necessary information with which forms – like 2555, 1040, 1116, 990, etc – must be filled, yet the chances – that an error has occurred – while filling those forms – must promisingly be acquiring some percentage value.

❏ Reason # One – Not having foreign earned income

The 2555 form will be constituted of the information of US Federal Tax Returns, expenditure, and income of those foreign citizens, and other necessary amounts rendered by them – yearly, monthly, and quarterly basis.

Other than this we – including the one interested in Cloud QuickBooks hosting – must be a citizen of the US or its neighbor to be eligible for filling this form. Additionally, you will also be claiming the benefits of the 2555 form if and only if you have resided uninterruptedly throughout the tax year.

In case you fail to synchronize well with the parameters you can neither find your records in foreign earned income nor be eligible to fill this form.

❏ Reason # Two – Not having a flair knowledge of tax home

If you have downloaded the latest version of the Pro Series software update the relevant application you will be using – for filing taxes – must be present in the software.

But there are instances in which one fails to select the required geological region – tax home – where he/she is operating a business.  

The fact many of us have been neglecting while giving the tax home test is that we select the incorrect region. Furthermore, the impact is that necessary aspects like wages, liabilities, and distribution of profit among your organization – if doing business – are mapped incorrectly onto which foreign earned income relies upon.

All this somehow adds or deletes the necessary adjustments leading to tax home test failure.

❏ Reason # Three – Not fulfilling the conditions of bona fide residence and physical appearance

One can only take the bona fide residence test if and only if the person – interested in QuickBooks Cloud or not – is residing in the United States or the countries that share its income tax treaty.

If in case you intend to travel to the United States or its neighboring countries you must highlight the intentions of travel to qualify for the test.

On the contrary, the physical presence test doesn’t demand consecutiveness. Even if a person stays 330 days with an irregular time throughout the tax year but violates the laws of the US federation for residing there then criteria fail to match.  

Well, it is necessary to pass both the tests. If any of these tests are not cleared by the person form error 2555 is likely to occur.

Instead of estimating the error percentage, it is better to apply the solution(s) consisting of some steps and rectify the same within the time. 

Which steps must be applied for resolving error 2555 in QuickBooks Pro?

To resolve the error in your Pro Series version you must execute these steps that guide you from disabling the e-file extensions to installing the update 2019.27.0.1.

Step # 1: Disabling the e-file extensions

• Log in to your Pro Series accounts. Then spot the EF center option. This will help you view, track, and analyze the status of e-files processed from your accounts.

• Now you have a list in front of your eyes. Select the entity like the state return to analyze whether the e-file needs to be scheduled for acknowledgments or moved to the conversion log.

• Go to the e-file option located after the import tab. Now just click the option of electronic filing. Here you can take necessary actions via Convert/Transmit Returns/Extensions/Payments.

• A dialog box appears in front of your screen with useful tabs – it’s quite sure that the tab won’t be indicating towards Qb Hosting. There just enable the option of error checking by unticking the square box and clicking the OK button. The purpose of doing so – allowing the data stored in the files of Pro Series software update to convert and transmit the return selected.

• Wait till the software processes the necessary changes and rectifies the 2555 error for the selected form.

Step # 2: Check 2019.27.0.1 and install it

• Double-click the Pro Series software icon. Here you see some options at the top labels.

• From those options, select help located after the settings tab. There you need to search for 2019.27.0.1.

• In case you don’t find it after clicking the help button go to the about section. There necessary rectangular boxes naming Copyright, License, Component. Privacy Info etc are present.

• Now click the Version option and verify if or not the Pro Series software – you are using – is 2019.27.0.1 or higher.

• If the existing version is lower than mentioned above it becomes important to download the Pro Series software update matching this version.

• One can be downloading the latest version by clicking the essential prompts generated by the download section. This is quite obvious that the prompt will be enforcing the Qb Cloud

• Don’t forget to install all the necessary files of the latest version and extract them to the location easily accessible.

• Keep on clicking Next till the Finish option is there on the dialog box. In the end, restart your desktop or computer to check if or not the latest version is successfully installed.

Are these QuickBooks Pro solutions worth implementing?

Pro Series software consists of award-winning functionalities that help its users file necessary tax returns and plan adjustments whenever clients demand. We may assume that clients may ask for the trending QuickBooks Remote Desktop Services. 

Though the functionalities are commendable yet the errors – one of them being form error 2555 – can negatively affect the software.

This can’t only make the payments unsuccessful but also delays the process of submitting forms like 1040 and so on.

With the help of the aforementioned solutions detecting and fixing the 2555 error is not only possible but also reliable too. The steps highlighted above are worth implementing in real-time so that it becomes hassle-free for accountants and other tax professionals to maintain the expenses, refunds as well as gains necessary for filling the forms.