Attention! On December 26, 2024, a federal appeals court reinstated a nationwide injunction halting the enforcement of the BOI reporting requirements. Reporting companies do not need to comply with the BOI reporting deadline pending a further order from the court. Stay tuned for updates. A new rule, known as company beneficial ownership information reporting, took effect on […]
Read More Beneficial Ownership Information Reporting Is Required for LLCs, Corps, MoreAccounting Reports Articles
Accounting Reports - Tips, Training, and News
How to Get Cost of Goods Sold for Your Business
Before you can begin looking into your business’s profit, you need to understand and know how to calculate cost of goods sold (COGS). So, where do you begin? Start here by learning all about COGS, including how to get cost of goods sold using the cost of goods sold equation.
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How to Issue a Corrected 1099 (MISC and NEC)
Do you file Forms 1099-MISC or 1099-NEC? If so, you might mix up the forms, enter incorrect information, or use a form from the wrong tax year. If you make a mistake on either form, you may need to issue a corrected 1099.
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How to Post Journal Entries to the General Ledger
As a business owner, you juggle a number of tasks, including accounting. You’re responsible for creating journal entries after every transaction. But that’s not all. You also need to know how to post journal entries to the general ledger. Learn how here.
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Examples of Contingent Liabilities Your Small Business May Need to Record
You probably know your company’s liabilities, aka debts your business owes. But how often do you think about liabilities that you may or may not have, depending on the outcome of a future event?
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How to Fill Out a 1099-MISC Form: 1099-MISC Instructions [The Ultimate Guide]
How do you fill out the most recent version of the 1099-MISC form? Learn how to fill out Form 1099-MISC and where to send completed forms.
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How Is Machine Learning Used in Accounting?
Machine learning (ML), a branch of artificial intelligence (AI), is everywhere. It has transformed online shopping (“users also bought…”) and TV streaming (“because you watched…”). Machine learning has also revolutionized the field of accounting.
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“SOS! Do I Need to Prepare a 1099 for Credit Card Payments I Make to Contractors?”
Paying a contractor to perform work for your business comes with a little disclaimer: reporting said payments on Form 1099-NEC. But what if you pay your contractor using a credit card? Do you have to prepare a 1099 for credit card payments?
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What Is Form 1099-MISC, and Are You Responsible for Distributing It?
If you paid a person that is not an independent contractor during the tax year, you might need to file Form 1099-MISC. So, what is Form 1099-MISC?
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IRIS 1099: What to Know About the Information Returns Intake System
Do you need to file Form 1099-NEC, Nonemployee Compensation, Form 1099-MISC, Miscellaneous Information, or another 1099 type? You can use the IRS’s Information Returns Intake System (IRIS) to e-file 1099s.
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