Two important aspects of running a small business is accounting and filing income taxes. In fact, they come together during tax season when small business owners file their Schedule C tax form. This ...

A nonprofit organization typically strives to make as much money as possible to keep the organization running or fund whatever cause it supports. That means those entities need to use accounting ...

IMGCAP(1)]A number of groups testified or submitted statements recently at a hearing of the House Committee on Small Business Subcommittee on Economic Growth, Tax and Capital Access titled “Cash ...

Many contractors can build better cash flow using accounting options that until passage of the Tax Cuts and Jobs Act (TCJA) were unavailable to them. Nevertheless, there remains a surprising number of ...

The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, which generally took effect in 2018, provides welcome simplifications for small business taxpayers. This article highlights some of ...

Should a small business use a cash or accrual accounting method? A CPA answers with examples. If you are an entrepreneur or small business owner, it is a good idea to familiarize yourself with both ...

Accrual accounting is one of the primary accounting methods and is based on the matching principle, which dictates that revenues and their associated expenses be recorded in the same accounting period ...

In what may be the final chapter in an ongoing battle over the availability of the cash method of accounting to small business owners, the Internal Revenue Service has now released Rev. Proc. 2002-28.

Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia. Lea Uradu, J.D., is a Maryland state registered tax preparer, state-certified notary public, ...

Daniel Liberto is a journalist with over 10 years of experience working with publications such as the Financial Times, The Independent, and Investors Chronicle. Suzanne is a content marketer, writer, ...

The district court recently ruled that when determining a business’s correct reporting method to the Israel Tax Authority (ITA)—on an accrual or a cash basis—it is insufficient to examine the ...