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It is your responsibility as an employer is to collect, pay, and report payroll taxes as required by federal and state laws. If you are a corporate officer or other “responsible party,” you may be personally liable for payroll taxes not deposited or reported as required. Even if you use a payroll service or someone […]

Read More… from Payroll Taxes: Something You Need to Know

The cash method of accounting is most commonly used by sole proprietorships and small businesses. In cash accounting, you usually recognize the income when it is received and the expense when the bill is paid out. However, there are some expenses that need to be treated differently. 1. Inventory If an inventory is necessary to […]

Read More… from Accrual Accounting Methods for a Cash Basis Business