Tue, 29 Oct 2024 12:42:59 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 https://www.patriotsoftware.com/wp-content/uploads/2020/01/cropped-site-favicon-32x32.png 32 32 https://www.patriotsoftware.com/blog/accounting/beneficial-ownership-information-reporting/ Thu, 29 Aug 2024 16:04:00 +0000 https://www.patriotsoftware.com/?p=65406 A new rule, known as company beneficial ownership information reporting, took effect on January 1, 2024, impacting small business owners nationwide. Depending on your business structure, you must report beneficial ownership information (BOI)—aka who owns and controls your company—to the U.S. government. If you fail to comply, you could face hefty penalties of $591 per […]

Read More

]]> https://www.patriotsoftware.com/blog/accounting/how-do-i-issue-a-corrected-form-1099/ Wed, 14 Aug 2024 14:58:00 +0000 https://pslohio.wpengine.com/uncategorized/how-do-i-issue-a-corrected-form-1099/ 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. “Mistake” is the last word you want to hear in business. But, […]

Read More

]]> https://www.patriotsoftware.com/blog/accounting/how-post-entries-to-general-ledger/ Fri, 05 Jul 2024 17:23:00 +0000 https://pslohio.wpengine.com/uncategorized/how-post-entries-to-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. General ledger overview Your general ledger is a record used to sort and […]

Read More

]]> https://www.patriotsoftware.com/blog/accounting/examples-of-contingent-liabilities/ Tue, 21 May 2024 17:34:04 +0000 https://www.patriotsoftware.com/?p=68257 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?  These potential financial obligations are known as contingent liabilities. Examples of contingent liabilities include lawsuits, product warranties, and pending audits. Understand […]

Read More

]]> https://www.patriotsoftware.com/blog/accounting/how-to-fill-out-file-prepare-1099/ Mon, 06 May 2024 16:07:00 +0000 https://pslohio.wpengine.com/uncategorized/how-to-fill-out-file-prepare-1099/ 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. Form 1099-MISC overview Form 1099-MISC, Miscellaneous Information, is an information return that businesses use to report payments and miscellaneous payments. File Form 1099-MISC for each person you have given […]

Read More

]]> https://www.patriotsoftware.com/blog/accounting/machine-learning-accounting/ Wed, 13 Mar 2024 17:58:18 +0000 https://www.patriotsoftware.com/?p=67415 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. Machine learning in accounting has made financial management more streamlined, accurate, and insightful. Business owners, accountants, and bookkeepers can benefit from […]

Read More

]]> https://www.patriotsoftware.com/blog/accounting/1099-for-credit-card-payment/ Wed, 07 Feb 2024 14:09:00 +0000 https://www.patriotsoftware.com/?p=52882 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? If you’re not sure what your responsibilities are for making electronic payments to […]

Read More

]]> https://www.patriotsoftware.com/blog/accounting/what-is-a-1099-misc/ Thu, 14 Dec 2023 16:54:00 +0000 https://pslohio.wpengine.com/uncategorized/what-is-a-1099-misc/ 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? What is Form 1099-MISC? Form 1099-MISC, Miscellaneous Information, is an information return businesses use to report miscellaneous payments. Before 2020, business owners also reported nonemployee compensation on Form […]

Read More

]]> https://www.patriotsoftware.com/blog/accounting/iris-information-returns-intake-system/ Tue, 07 Nov 2023 21:06:58 +0000 https://www.patriotsoftware.com/?p=65228 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. Here’s what to know about IRIS 1099 filing.  What is IRIS 1099? The Information Returns Intake System, IRIS, is a free platform that businesses can […]

Read More

]]> https://www.patriotsoftware.com/blog/accounting/e-filing-1099s-irs/ Wed, 01 Nov 2023 22:00:00 +0000 https://www.patriotsoftware.com/?p=52949 When 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 […]

Read More

]]>