Accounting Blog

Do you receive most of your business income in cash? If so, you’re probably a cash-intensive business, which can put you under greater IRS scrutiny. Why? Because cash transactions do not leave a paper trail. So if you run a cash-intensive business, you need to keep detailed records.

Businesses that contract out work in New York have a new law to put on their radar: The New York independent contractor law. But, what is the new law? What businesses are impacted by the new law, and how? Keep reading to get the scoop on the New York independent contractor law.

Over 75% of consumers use payment service apps. And if you’re part of the growing percentage of small businesses (23% in 2019, to be exact) that accept peer-to-peer (P2P) payments, you should know about the new IRS cash app reporting rules.

The end of the year is a busy, if not the busiest, time of year for small business owners. You’re gearing up for the start of a new year and trying to wrap things up before the year comes to a close. One thing that should be on your mind during this time of year—aside […]

In 2020, COVID-19 took the world by storm. To provide relief during the pandemic, the IRS allowed eligible employees and self-employed individuals to defer Social Security tax temporarily. And now, it’s time for individuals (or their employers) to collect and pay back the deferred tax. But, how does the self-employed Social Security tax deferral work? […]

If a disaster impacts your business, you might need to make repairs or temporarily shut down. For some, the expenses associated with disaster recovery cause negative cash flow or even small business bankruptcy. SBA disaster assistance can provide you with the funding you need to protect and continue running your business.

In accounting, you deal with a variety of accounts to balance and organize your books. One type of account you will likely run into is a real account. But, what are real accounts exactly? And, how does it differ from other accounts in accounting? Allow us to give you the scoop with an overview, examples, […]

The end of the year is a busy time for businesses. If you’re like most business owners, you’re probably juggling end-of-year accounting procedures in addition to heavier traffic and sales and payroll tasks. Instead of scrambling (or forgetting) to get your year-end processes complete, use a year-end accounting checklist to organize the way you wrap […]

When it comes to your small business, there are a number of financing options available. A couple of popular options include a business loan or credit card. But, which one is better for your business? Get to know the difference between business loan vs. credit card and learn how to decide between the two.

When it comes to your business, one of your main goals (if not your biggest goal) is to make a profit. And to find profit, you may need to look at explicit and implicit costs. But, what exactly are these costs? And, what’s the difference between implicit vs. explicit costs? It’s time for your implicit […]