tax-basis reporting

Accounting Method Choices for Private Small and Medium-Sized Businesses

Businesses need financial information that’s accurate, relevant and timely. The Securities and Exchange Commission requires publicly traded companies to follow U.S. Generally Accepted Accounting Principles (GAAP), often considered the “gold standard” in financial reporting in the United States. But privately held companies can use simplified alternative accounting methods. What’s right

2021-07-26T15:08:23-06:00July 26th, 2021|

GAAP vs. Tax-Basis Reporting: Choosing the Right Model for Your Business

Virtually every business must file a tax return. So, some private companies issue tax-basis financial statements, rather than statements that comply with U.S. Generally Accepted Accounting Principles (GAAP). But doing so could result in significant differences in financial results. Here are the key differences between these two financial reporting options.

2021-04-12T14:57:40-06:00October 13th, 2017|
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