1099 Filing
How to File a Corrected 1099 for 2026 (Wrong TIN, Wrong Amount, Wrong Recipient)
Wrong TIN, wrong amount, wrong form, or wrong recipient on a filed 1099? Here is the correction workflow and penalty timing.
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1099 Filing
1099 Filing Deadlines and Penalties for 2026 (NEC Feb 2, MISC Mar 2/Mar 31, 1042-S Mar 16)
1099-NEC is due February 2, 2026. MISC IRS copy is due March 2 paper or March 31 e-file. 1042-S shifts to March 16.
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Bobby Huang
1099-filing
IRS TIN Matching for Bookkeepers: Free December Check That Prevents B-Notices
Run the IRS TIN Matching Program every December. Catch vendor mismatches before you file and skip the CP2100 B-Notice headache in spring.
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Bobby Huang
1099-filing
Backup Withholding for 2026: When the 24% Rate Triggers (IRC §3406)
Backup withholding withholds 24% from vendor payments when a W-9 is missing or TIN mismatch unresolved. §3406 rules for 2026.
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Bobby Huang
1099 Filing
1099-K Threshold for 2026: Federal $20,000 and 200 Transactions
The federal 1099-K threshold for 2025 and after remains more than $20,000 and over 200 transactions. State thresholds can be lower.
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Bobby Huang
1099 Filing
1099-NEC vs 1099-MISC for 2026: Which Form Goes to Which Vendor
NEC is for services. MISC is for rent, royalties, medical payments, awards, and attorney proceeds. Here is the 2026 decision tree.
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Glossary
Retained Earnings: What It Is & How Bookkeepers Track It
Retained earnings is cumulative net income minus distributions. It lives in equity, not cash. Formula, year-end close, and three gotchas.
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Glossary
Prepaid Expense: What It Is & How Bookkeepers Amortize It
Cash paid before the expense is incurred. Sits on the balance sheet as an asset until monthly AJEs move it to the P&L.
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equity-terms
Owner Draw: What It Is & How Bookkeepers Record It
Owner draw is money an owner pulls from the business. It's equity, not an expense. Here's how to record it correctly across entity types.
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Bobby Huang
Glossary
Month-End Close Process: A Bookkeeper's Workflow Checklist
The month-end close process locks your books in 10 steps. Firms that take 10 days are usually stuck on step 1. Here's the checklist.
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Bobby Huang
Glossary
Depreciation Entry: What It Is & How Bookkeepers Record It
A depreciation entry debits Depreciation Expense and credits Accumulated Depreciation each month. Workflow, methods, and common gotchas.
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Bobby Huang
Glossary
Cost of Goods Sold (COGS): What It Is & How Bookkeepers Calculate It
COGS measures the direct cost of products or services sold in a period. Get the formula, worked examples, and common miscoding mistakes bookkeepers fix.
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Bobby Huang