Dale Lieske: Accounting for the FairTax
A Friday letter to the editor, "Accountant debunks 'Fair'Tax," makes a lot of valid points against the FairTax, a proposal to replace all federal taxes with a national retail sales tax. However, I'm not sure whether a certified public accountant might not have a hidden agenda when it comes to a national sales tax or a flat-rate income tax. After all, much of a CPA's livelihood is based on federal and state income taxes, and as such, CPAs wouldn't want any flat-tax legislation passed.

Cash vs. Accrual Accounting
There are two forms of accounting used by small businesses - cash and accrual. The basic difference between the two methods is the timing of income and expense recording. The best method for your company depends on a variety of factors which include the nature of your business, its legal business structure, and whether or not you extend credit.