Why is there a need in keeping two sets of books for taxes and fiancial statements?

Welcome!

Greetings and WELCOME to the site, cta8301!

I just re-titled and moved your question out of Introductions to this forum topic area so that it will be more likely to be noticed and addressed by those who are best able to answer it. Your question will get noticed much more here.

Introductions is for people to introduce themselves only, and we try to not ask questions there. We would appreciate it if you would return to Introductions sometime to tell us a little bit about yourself, if you would be willing to do that.

I do note, that your question already received a response while it was in Introductions.

Thanks!

There was a similar question in this thread:
https://www.askmehelpdesk.com/accoun...es-186443.html

I approached it from a U.S. GAAP/tax point of view, but the concept should work for anything.