Tax is still why small businesses produce financials at all. But it's still #accounting!
Cash Basis Tax Payers are Still Accrual Basis...
This has come up twice for me recently so I decided it was worth a blog post and a video. Cash basis tax payers are still accrual basis businesses! I’m really not sure why there is even any confusion about this. In one recent case I was working with a bookkeeper who is helping an EA with their books for their own business. That scenario I can almost understand because the EA being a tax professional is accustomed to thinking of everything from the perspective of a tax basis of accounting.accountantvip
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