A limited liability company (LLC) is business entity authorized by a state. Neither a partnership nor a corporation, an LLC provides sole proprietors and business partners many of the rights afforded ...

A company figures its profit or loss over time by subtracting expenses from revenue. For tax purposes, the relevant time period is the tax year or other fiscal year approved by the Internal Revenue ...

QUESTION: We started a consulting practice and set it up as an LLC. How do we determine which method of accounting works best for tax purposes? ANSWER: The cash basis method and the accrual basis ...

David Kindness is a Certified Public Accountant (CPA) and an expert in the fields of financial accounting, corporate and individual tax planning and preparation, and investing and retirement planning.

The American Institute of CPAs has sent a set of recommendations to the Internal Revenue Service about accounting methods for small-business taxpayers and how to determine whether a taxpayer qualifies ...