Small Business Just Got a Little Bigger…Maybe

Effective January 6, 2020, a small business may use a 5-year lookback to calculate its revenue for a “receipts-based” NAICS code. However, if a 3-year lookback is more beneficial, it may use that instead…at least until January 6, 2022. After this two-year transition period, all small businesses will use the 5-year lookback period.