1-800Accountant Blog

common-causes-irs-audits

4 Common Causes of IRS Audits

For small business owners and taxpayers, one of the most inconvenient things to happen is to receive a notice of an IRS audit. For many people, it’s not always clear right away why they were chosen for an audit. It can feel totally random and even a bit unfair.  The truth of the matter is […]

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Tax Deadline Approaching for Small Businesses

Do you own and operate a C Corp, sole proprietorship, or single-member LLC? If so, your federal tax deadline is quickly approaching. April 18 will be here before you know it, so if you haven’t started the process of filing your taxes, now is the time to do so. The federal tax deadline for S […]

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How Are Sole Proprietorships Taxed?

It’s an understatement to say that small business owners, especially new ones, have a lot on their plates. From marketing and team supervision to managing payroll and bookkeeping, there’s a lot to take on! However, one of the most important things a small business owner does is ensure their taxes are paid on time every […]

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IRS Backlog May Lead to Major Delays – Here’s What to Know

If you’re still in waiting in the IRS backlog for them to process your tax return from last year, you’re not alone. Tens of millions of Americans are still waiting on their returns — some folks have been waiting for nearly a year!  Delayed processing means delayed refunds, which can cause a lot of headaches […]

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No Tax Break for Recipients of Unemployment Benefits

The COVID-19 pandemic led to business closures and layoffs across the country, causing unemployment to surge. At its height, unemployment in the U.S. reached 14.7% in April of 2020. Expanded unemployment benefits provided additional funds to those who needed them.  Approximately 25 million Americans collected unemployment benefits in 2021. However, these recipients may be in […]

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Child Tax Credit Recipients May See a Lower Tax Refund This Year

Some parents might even owe come tax time. Many parents received 6 monthly Child Tax Credit payments in 2021. These payments, part of the American Rescue Plan passed last March, were instrumental in bridging the gaps for families across the nation. The tax break increased from $2,000 to $3,000 per child ages 6 to 17 […]

what-is-bank-reconciliation

Bookkeeping 101: What is Bank Reconciliation?

Bank reconciliation is a useful tool for both external and internal financial records. It can assist you in significant ways to protect your finances. It can also help you determine whether there are errors in your transactions and, if so, how you can correct them. However, there are two things that you should know about […]