Most small businesses use tax-accounting for financial reporting purposes. However, some businesses may choose to use Generally Accepted Accounting Principles (GAAP) or even International Financial Reporting Standards (IFRS). Any business using these alternative financial reporting standards must adopt new rules (ASC 606 / IFRS 15) for 2018 (reporting periods starting December 15, 2018 for GAAP; January 1, 2019, for IFRS). Here’s a good article explaining the impact on small businesses.
Barbara Weltman
Big Ideas for Small Business, Inc.
Subscribe and download our eBook, "150+ Tax Deductions for Small Business A to Z."
Footer
BOI reporting cont'd. But this isn’t the end of the story. The government filed a notice of appeal with the appellate court, and FinCEN says “deadline stay—voluntary submission only” (https://bit.ly/3ZpKxwU Note: There are cases challenging CTA that are still pending.