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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.
