A journal entry is best described as the recording of debits and credits. It generally includes an effective date, a debit amount, and a credit amount. The accounts that you need to set up to track payroll will generally be an expense account or a li... Read more
Make sure to submit Form 4419 at least 30 days before the due date for submitting Form 1099-NEC. For more information about filling out Forms 1099, check out the IRS’s Instructions for Forms 1099-MISC and 1099-NEC. When you file a 1099 form, yo... Read more
Students learn practical applications for macroeconomics in their personal and professional lives through assimilation of fundamental concepts and analysis of actual economic events. This course provides students with the basic theories, concepts, te... Read more
It is important to check with your employer and state to determine what kind of coverage you have. Workers' compensation B includes workers' compensation A coverage but covers employees when the employer is liable through negligence or otherwise, pay... Read more
Edwards Accounts Payable system for the first time, you can use the Withholding Tax Revisions screen to load open withholding tax information from your previous system. You can revise the withholding tax information that the system stores in the With... Read more
Businesses should complete a Form 1099-NEC for any nonemployee person to whom the business paid $600 or more during the year. This includes fees, commissions, prizes, or awards for services completed by independent contractors, cash payments for fish... Read more
Under the perpetual inventory method, the buyer records it as a reduction in its inventory account. For example, suppose you receive an invoice for $1,000 offering a 2 percent discount if paid by the 25th of the following month. Debit your purchases ... Read more
The IRS mailing address changes depending on where you live, so read the instructions on IRS Form 1040-ES to find out where to send it. Specifically, this deduction allows these contractors to reduce their qualified business income by up to 20%. For [...] Read more
Whether you need a long-term solution or tips on improving your current setup, give us a call today.... Read more
Generally speaking, however, attention to detail is a key component in accountancy, since accountants must be able to diagnose and correct subtle errors or discrepancies in a company’s accounts. The ability to think logically is also essential,... Read more
