Cash Basis Taxpayer

外汇网2021-06-19 13:59:59 153

A taxpayer who reports income and deductions in the year that they are actually paid or received. Cash basis taxpayers cannot report receivables as income, nor deduct promissory notes as payments.

The rules for cash basis taxpayers are essentially the same as for cash basis businesses. Cash basis accounting is the alternative to accrual basis accounting.

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