How to Do Bookkeeping for a Small Business

How to Do Bookkeeping for a Small Business

Bookkeeping for a small business is similar to any size business. There are prescribed steps to follow (known as the accounting cycle). Differences occur because of the complexity and needs of the business and the method, usually manual or computerized, used to do the...
Why Does My Business Need Internal Controls?

Why Does My Business Need Internal Controls?

Your business may need internal controls. Internal controls are the policies and procedures a business takes to safeguard its assets. A key to running a profitable business is to make sure that the assets, especially cash, are protected. Assets are the lifeblood of...
Taking the Home Office Deduction

Taking the Home Office Deduction

Taking the home office deduction can be complex and vary between individual small businesses. For more information on whether you should take the home office deduction, please consult with your licensed CPA. Many small businesses are based at home. There are numerous...
What to Know about the CARES Act August 2020

What to Know about the CARES Act August 2020

On March 25, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law. A summary of the provisions of the law can be found here. Updates to the CARES Act in Summer 2020 On June 5, 2020, the Paycheck Protection Program Flexibility Act of...
What to Do When You Receive a Tax Notice

What to Do When You Receive a Tax Notice

A taxpayer can receive a notice from any taxing agency they are subject to. This could be a state agency for income, sales or payroll (including unemployment) matters or, of course, the Internal Revenue Service (IRS) for federal income or payroll tax matters. ...