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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- New client received 1099 for a prepaid gas lease. Can I amortize the lump sum payment over how many years? Also, how do you do it in ProSeries?
New client received 1099 for a prepaid gas lease. Can I amortize the lump sum payment over how many years? Also, how do you do it in ProSeries?
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dan6879
Level 1
03-15-2023
07:58 AM
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jeffmcpa2010
Level 11
03-15-2023
08:08 AM
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no, I don't believe so. Pretty much a rule that you pay the tax when you receive the payment,(Cash Basis) unless the client is a business entity which reports on accrual basis.
