Skip to main content

Newsroom

read progress

Cash vs. Accrual Accounting for Businesses

minute read


Are You a Business Looking for Accounting Options?

You've come to the right place. Businesses can choose how they would like to set up their accounting method in one of two ways. Two options to choose from include cash versus accrual based accounting. A cash based accounting method is used when businesses report and pay taxes when cash is received from the customer. An accrual based accounting method is when a business reports and pays taxes when they send the invoice to their customer, regardless of when the customer pays the bill. Whichever works best for your tracking, you are able to set up your change of accounting method through our eForm below.

 

Complete Form

 

Taxpayer Information is Required to Complete this Change

South Dakota law prohibits the Department from relaying taxpayer information to anyone but the taxpayer or the taxpayers' duly appointed designee. The appointment of a designee must be done in writing. Fill out the Information Release Authorization eForm below to complete this change. By signing this form, you are authorizing the Department to speak to a third party on your behalf.

 

Complete Form

Recommended Articles

Winter 2024 Newsletter is Available!

The Winter Newsletter is here! Read it to learn about municipal tax changes, HB1090, available property tax relief programs, and more!

Read More about Winter 2024 Newsletter is Available!

2023 Department of Revenue Annual Report

Catch up on highlights from the past year, see where South Dakota compares to other states and view statistical reports in the South Dakota Department of Revenue Fiscal Year 2023 Annual Report.

Read More about 2023 Department of Revenue Annual Report