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
March 7, 2025You’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
March 6, 2025Mistakes 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 Post Journal Entries to the General Ledger
July 5, 2024As 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
May 21, 2024You 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?
March 13, 2024Machine 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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IRIS 1099: What to Know About the Information Returns Intake System
November 7, 2023Do 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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The Ins and Outs of E-Filing 1099s With the IRS
November 1, 2023When you own a business, you may need to hire an extra helping hand, like a vendor or contractor, to get a job done. And when you pay an independent contractor or vendor, you may be responsible (depending on how much you paid them during the year) for distributing and filing either Form 1099-NEC or […]
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How to Fill Out Form 1120: A Guide for Corporations
March 23, 2023Structuring your business as a corporation comes with benefits like limited liability and increased access to capital. It also comes with its own unique small business tax return, Form 1120. Do you know how to fill out Form 1120?
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How to Use a Comparative Income Statement for Your Small Business
November 9, 2022You’re an expert at running your business, not analyzing financial numbers. But as a small business owner, you need to know how your decisions affect your company. By reviewing your accounting books, you can leverage data to grow your company. One important report to look at is the comparative income statement.
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