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Re:Unearned income (1 viewing) (1) Guest
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TOPIC: Re:Unearned income
#2067
Miami LS (User)
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Unearned income 2 Months, 1 Week ago Karma: 0  
Client receives client deposits for services to be provided but that actuall services may not be performed for weeks. Sometimes these services are not performed untill January of the following year. Taxpayer is on the cash basis of reporting.

Question: how can we defer this income? What benefit will changing accounting methods to accrual basis make? Any other options for deferal?

Thanks all!
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#2088
Samantha (User)
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Re:Unearned income 2 Months ago Karma: 2  
Simple answer is dont take the deposits until the following january; or use a client escrow account
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#2111
Miami LS (User)
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Re:Unearned income 1 Month, 3 Weeks ago Karma: 0  
Thx Samantha, but who wouldnt want to take receipt of the income? The client may decide to hold the advance proceeds in an escrow account to avoid actual receipt of income.
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