I operate on an accrual accounting basis but clients are paying me months late, can I switch to cash basis so I don't pay taxes on money I don't have?

Question

Kohari Gonzalez Oneyear & Brown · Accepted Answer

Whether a business can move from accrual to cash basis often depends on the entity type, the size and nature of the business, and how income and receivables are tracked in the books. Late client payments are a common reason owners look at the difference between earned income and collected cash, but  For an answer applied to your exact numbers, bring this question to a licensed KGOB CPA in a focused session and leave with a clear next step.