Accounting, Bookkeeping & Tax Blog

Your small business resource for accounting, bookkeeping, and taxes from our experts.

A Guide to FinCEN BOI, Beneficial Ownership Information

Starting January 1, 2024, most US-based businesses must report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) under the Corporate Transparency Act (CTA). This article will explain the FinCEN beneficial ownership information reporting requirements. Continue reading to learn about the purpose of the rules and their impact on your small business.  […]


1-800Accountant Partners with NYC Small Business Services

1-800Accountant has recently partnered with New York City’s Small Business Services (SBS) team. The partnership between the virtual accounting firm and the SBS team will provide SBS clients with a free tax clinic along with 30-minute virtual consultations.  SBS clients interested in utilizing the services of 1-800Accountant will speak with one of our expert tax […]


Electric Vehicle Tax Credit Explained

With high gas prices and new car offers every year, there’s never been a better time to explore electric vehicles. The newly updated EV tax credit provides an added incentive, making it more affordable than ever to make the switch.  A federal electric vehicle tax credit is not a totally new innovation, but it has […]


IRS Debt Passport Revocation

While hiding one’s head in the sand can feel better than actually dealing with the problem of tax debt after an IRS Audit, it needs to be dealt with sooner rather than later. Especially if a taxpayer has plans to travel, needs to travel for work, or would like to be able to travel internationally […]


Inflation Reduction Act: Supersized IRS May Lead to Headaches for Small Business Owners

What Is the Inflation Reduction Act?  After another round of intense negotiations, Congress passed an ambitious $739 billion spending bill to address numerous issues within health care, taxes, and climate. The Inflation Reduction Act represents a major victory for President Biden’s administration.  The Senate passed the Inflation Reduction Act through the budget reconciliation process, requiring […]


GoDaddy Bookkeeping Support Shuts Down, eBay Sellers Left Scrambling

Online Sellers Have Less Than 30 Days to Find a Bookkeeping Alternative GoDaddy bookkeeping clients recently received a surprising notice from the web hosting company: GoDaddy will permanently retire its online bookkeeping software. The news comes as quite a shock, especially to eBay sellers and other e-commerce business owners who have long depended on the […]


The Great Resignation: The Future of Accounting

You might be searching for a new accountant next tax season if your current one follows the trend of others in the wake of the Great Resignation. While the COVID-19 pandemic has certainly exacerbated the trend of people leaving their jobs, the Harvard Business Review cites data from the Bureau of Labor Statistics (BLS) which […]


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 […]