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Deferring taxes on advance payments - WCS - Tax Preparation in Bel Air MD
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Deferring taxes on advance payments - WCS - Tax Preparation in Bel Air MD
An advance payment is one received by a business before it provides whatever is being paid for. For federal income tax purposes, generally advance payments must be reported as taxable income in the year received. This treatment always applies if your business uses the cash method of accounting for tax purposes. But, if your business uses the accrual method, it may qualify for favorable tax deferral treatment. Tax deferral privilege Accrual-basis…
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