Janet Berry-Johnson

What Is a Virtual Accountant? (And How to Become One)

Janet Berry-Johnson — Mon, 11 Jul 2022 22:55:12 +0000

Are you thinking about going online-only with your firm? If so, here’s what to consider about becoming a virtual accountant. The U.S. Bureau of Labor Statistics expects the employment of accountants and auditors to grow by 7% from 2020 to 2030. That’s about average for all occupations, but accounting tends to be an extremely stable […]

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Form 1099-NEC: Your Guide to Reporting Non-Employee Compensation

Janet Berry-Johnson — Tue, 19 Apr 2022 16:56:47 +0000

Call them freelancers, independent contractors, or gig workers—whatever term you use, if you hire workers that aren’t W-2 employees to work in your business, they’re non-employees in the eyes of the Internal Revenue Service (IRS). And instead of issuing a W-2 at year-end, you report non-employee compensation for each of them on Form 1099-NEC. What […]

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5 Important Things to Do After Tax Season, for Accountants

Janet Berry-Johnson — Tue, 05 Apr 2022 13:28:23 +0000

Once tax season draws to a close, what’s the next step for tax accountants? Most have plenty of bookkeeping, extended tax returns, tax planning, and financial statement preparation work to keep them busy. But many professionals also take time off, catch up on continuing education hours, and invest in work on their business instead of […]

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Form 8027: Your Guide to Reporting Tip Income

Janet Berry-Johnson — Thu, 17 Mar 2022 21:33:56 +0000

If you own a bar, restaurant, or other food or beverage business, tips are likely a part of doing business. Bar and restaurant owners usually pay tipped employees a base hourly wage and tips make up the remainder of their compensation. Reporting employees’ wages and withholding on their W-2s is complicated enough, but figuring out […]

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Should Service Businesses Use COGS (Cost of Goods Sold)?

Janet Berry-Johnson — Tue, 08 Mar 2022 17:02:15 +0000

When you think about cost of goods sold (COGS), you might think of a wholesaler or retailer who sells physical products, also known as “goods.” Companies that sell products account for costs of goods sold on their profit and loss statement, and it’s an essential metric for understanding the total amount the business paid for […]

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Form 1040x: How to File an Amended Federal Income Tax Return

Janet Berry-Johnson — Mon, 07 Feb 2022 21:21:37 +0000

Tax preparation is arduous for business owners and mistakes happen—even on tax returns. If you realized you made a mistake on your tax return for this year or previous tax years, you don’t have to file a whole new return or worry about an IRS audit. You don’t have to worry about filing a bunch […]

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Accountants: How Tallyfor Integrates With FreshBooks for Easier U.S. Tax Returns

Janet Berry-Johnson — Wed, 02 Feb 2022 20:08:53 +0000

One of the most potentially time-consuming aspects of preparing a client’s tax return is the book-to-tax reconciliation. If you’ve been preparing these workpapers manually in a spreadsheet, entering adjustments, and then re-entering those adjustments again in tax software, you might be glad to know there’s an easier way. FreshBooks is excited to partner with Tallyfor […]

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7 Stress Management Strategies for Accountants

Janet Berry-Johnson — Mon, 06 Sep 2021 14:16:29 +0000

For accounting professionals, balancing a heavy workload, client expectations, and having a personal life can be a challenge. The “standard” 40-hour workweek is rarely standard during the busy season or year-end close. And even outside of major deadlines, accountants often deal with difficult clients, pressure to lower fees, and ever-changing tax laws and accounting standards. […]

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How to Fire a Client: Why, When, and How to Do It Professionally

Janet Berry-Johnson — Mon, 09 Aug 2021 09:00:46 +0000

To run a successful business, you need clients who appreciate what you do and compensate you appropriately. Unfortunately, some clients won’t fit the bill. And while it’s always a good idea to do what you can to repair the relationship, sometimes you simply must make the tough call and let them go. No matter how […]

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How to Do Accountant Networking the Right Way

Janet Berry-Johnson — Mon, 05 Jul 2021 13:32:28 +0000

Professional networking is vital to the growth of any career, and accounting is no exception. Yet, many accountants and bookkeepers inwardly groan at the idea of attending networking events, associating them with awkward conversations, gathering stacks of business cards, and the idea of “selling” yourself. However, when done right, networking is more about building relationships. […]

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