I am considering transacting more of my personal business on a cash basis. That will require cashing my bi-weekly payroll checks and using the cash to pay bills. Can you tell me how to find out what laws and requirements I will have to adhere to move more to a cash basis of transacting business?
You will need to establish a routine for cashing the payroll checks. If you have a bank account, your bank is likely to accommodate you. If not, you may have to visit the bank on which the checks are drawn. If you go ahead with this plan, ensure that you keep your cash in a safe place, and that you get receipts for any important payments that you might have to document in the future.
While some employees may appreciate being paid in cash, you may investigate other options that also provide convenience such as payroll cards. This is a credit or debit card that has the employee's pay added to automatically. We suggest this largely because if someone knows you deal in cash, you increase your risk and that of your employees who will be known to have all this money on payday. It truly can be a security issue. Also a move to a cash basis warrants notice to your accountant, if you have one.
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You will need to establish a routine for cashing the payroll checks. If you have a bank 