BIG NEWS: On March 21, 2025, FinCEN announced that all domestic reporting companies, businesses created in the United States, are exempt from the requirement to report beneficial ownership information (BOI) to FinCEN.
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Accounting Reports - Tips, Training, and News
Types of Accounts in Accounting to Memorize
You’ve heard about debits and credits. You know they increase and decrease certain accounts. But, how much do you know about the accounts they affect? There are five types of accounts in accounting.
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Transposition Error, the Little Mistake That Causes Big Problems
Mistakes happen, especially when it comes to recording transactions in your books. One type of accounting mistake that’s easy to make is a transposition error. Read on to learn what is a transposition error and how it can affect your accounting books.
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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 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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