Accounting is less involved than partnerships and corporations. Double-entry bookkeeping is not required as no balance sheet is needed when filing Schedule C or F.
Business Entity Comparison Chart Guide 2021 - CPA Clinics
Entity
Accounting and Record keeping
Fringe Benefits
Liability
Sole proprietor, single- member LLC, and husband/ wife business
• Schedule C (Form 1040),
Profit or Loss From Business
• Schedule F (Form 1040),
Profit or Loss From Farming
• Schedule SE (Form 1040),
Self-Employment Tax
• IRS Pub. 334, Tax Guide for
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