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Can you defer taxes on advance payments?

$225.00

SKU: TXIso143. Category: .

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Abstract: Many businesses receive payment in advance for goods and services. Generally, these payments are included in taxable income in the year they’re received, even if a portion of the income is deferred for financial reporting purposes. But there are exceptions. This article lists some of the items that qualify for limited deferral of income related to advance payments; explains how to defer income if there’s no applicable financial statement; and discusses IRS clarifications for gift cards.

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