Starting a business can be as costly and daunting as it is exhilarating and lucrative. While it's true that "the best-laid plans of mice and men often go awry," it's equally true that prudence ranks supreme among the virtues.
Simplify tax time and add peace of mind around any potential audit investigation by maintaining these documents on file. Whether you prefer paper records or electronic is up to you.
In 2016, Arizona voters passed Proposition 206, a law that mandates a steady increase in Arizona's minimum wage through 2020, after which time increases will be pegged to the rate of inflation. Starting on January 1, 2018, Arizonans must be paid $10.50 an hour, up from $10 in 2017.
ASC 606 is an accounting regulation that concerns revenue recognition. It may be the biggest accounting change in decades for many companies. The regulation was drafted by the Financial Accounting Standards Board in 2014, but will only begin to take effect for most companies this year.