Ask an Accountant
If I receive a check for a sale on December 29, 20X1 and wait to deposit it until January 3, 20X2 then I do not have to declare the income until I file my taxes for year 20X2, right?
Thursday, June 25, 2015
Wrong. IRS considers this constructive receipt of the income and requires that those funds be included as part of the income for 201X.
- Trackback Link
- Post has no trackbacks.