Announcement

Collapse
No announcement yet.

End of Year Payments

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    End of Year Payments

    I just got an email about IRS Compliance Initiatives and one concerns cash basis businesses that are writing checks before the end of the year but not mailing them until the new year. I knew that was not allowed but I wanted to be absolutely sure that I understand the rule correctly. I believe that deductions for business and deductible personal expenses by cash basis taxpayers may generally be claimed as long as the checks were mailed by the end of the taxable year. Of course I'm aware that some expenses such as Mortgage Interest get reported to the taxpayer and the IRS by the recipient. In such cases it's probably impossible to get the IRS to go with a figure more favorable to the taxpayer than the initially reported figure unless the reporter files an amended report. I'm also aware of the trend to make more and more deductible expenses subject to such reporting. Am I right or has there been a change I didn't notice?

    #2
    Nuttin's changed, bro
    ChEAr$,
    Harlan Lunsford, EA n LA

    Comment

    Working...
    X