GAAP and Crypto
The application of GAAP (Generally Accepted Accounting Principles) to cryptocurrency can be challenging, as cryptocurrency is a relatively new and rapidly evolving asset class. However, it is possible to apply GAAP principles to cryptocurrency transactions, and it is important for companies to do so in order to ensure the transparency and reliability of their financial… Continue reading GAAP and Crypto
What Happens If You Get Audited And You Don’t Have Receipts?
When you receive a letter from the IRS requesting a tax audit, your first reaction may be complete panic, especially if you have a sloppy accounting system. Once you have determined that you have the correct letter from the IRS, remind yourself what an audit is and what it is not. An IRS audit is… Continue reading What Happens If You Get Audited And You Don’t Have Receipts?
What is an IRS Audit and How to prevent one.
Once you understand how audits work, they become more uncomfortable than scary. We’ll cover that first, then move on to ways you can avoid an audit—and how to make the process easier. What is an audit? When the IRS audits your business, it audits the books as a whole. This means reviewing your financial statements… Continue reading What is an IRS Audit and How to prevent one.
What small business owners should know about sales tax
When operating as a small business owner, it is important to pay attention to all tax reporting laws and regulations. Business owners who sell products may be required to collect and pay sales taxes. Although it sounds complicated, it is often much easier than you think, especially if you use VAT software or vendors. Here’s… Continue reading What small business owners should know about sales tax
What is a Promissory note?
Promissory notes may also be called an IOU, loan agreement, or simply a promissory note. It is a legal loan document that says the borrower promises to repay the lender a certain amount of money within a certain period. Such a document is legally enforceable and creates a legal obligation to repay the loan. When… Continue reading What is a Promissory note?
Stablecoins for B2B payments
In recent years, stablecoins have emerged as a new way for businesses to make global payments. A stablecoin is a type of cryptocurrency that is pegged to a stable asset, such as the US dollar or gold, in order to reduce price volatility. This makes stablecoins an attractive option for businesses that want to make… Continue reading Stablecoins for B2B payments
Balance Sheet – Definition, Example, Formula & Components
A balance sheet is a financial statement that contains information about a company’s assets or liabilities at a specific point in time. It is one of the three main financial statements (the income statement and the cash flow are the other two) used to evaluate a company’s performance. The balance sheet is a reference document… Continue reading Balance Sheet – Definition, Example, Formula & Components
What is a quitclaim deed, and when to use it?
There are two types of warranty documents and it is important to be aware of the differences when transferring title to real estate. The person signs the documents in the folder. A set of keys rests on the table in front of the file cabinet. A quitclaim deed can be used to transfer ownership to… Continue reading What is a quitclaim deed, and when to use it?
Demystifying Commercial Law: A Comprehensive Guide
Commercial law is a crucial aspect of running a business, and for small business owners in the United States, understanding its intricacies is essential for success. In this comprehensive guide, we will delve into the depths of commercial law, covering its definition, key components, and how it directly impacts small businesses. Defining Commercial Law: Commercial… Continue reading Demystifying Commercial Law: A Comprehensive Guide
Paying Yourself the Profits: Understanding S Corp Distributions
Small business owners in the United States often grapple with the intricacies of managing their finances, and one crucial aspect is understanding how to pay themselves profits through S Corporation (S Corp) distributions. In this article, we will delve into the details of S Corp distributions, offering insights tailored to small business owners. What is an… Continue reading Paying Yourself the Profits: Understanding S Corp Distributions
Corp To Corp: A complete guide(2024)
Understanding the nuances of different employment structures is crucial for success. For small business owners in the United States, one such model that warrants exploration is Corp To Corp (C2C) engagement.
Decoding Business Structures: Understanding the Difference Between LLC and Inc.
Starting a small business is an exciting venture, but it comes with crucial decisions, one of which is choosing the right legal structure. For many entrepreneurs in the United States, the choice often boils down to two popular options: Limited Liability Company (LLC) and Incorporation (Inc.). In this article, we’ll delve into the details of… Continue reading Decoding Business Structures: Understanding the Difference Between LLC and Inc.
