My client runs a cash basis income stmt in QBO, and sees a net loss for year 2021.
But an accrual basis income stmt shows a net profit off $900k for year 2021.
He knows our tax return will report cash basis, so he refused to pay any estimated tax, as he sees the net loss.
But this is contractor with several big jobs in progress. So we do a Work In Progress worksheet, which will adjust expense, and i still need to do it.