In other words, can income be deferred into next tax year simply by not promptly billing for services rendered?
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No. Recognizing billed but unpaid amounts is the accrual method. That not allowed for a cash basis taxpayer. "Constructive receipt" essentially means the the amount is in your possession and control and you can draw upon it anytime.
Tom Young
No. Recognizing billed but unpaid amounts is the accrual method. That not allowed for a cash basis taxpayer. "Constructive receipt" essentially means the the amount is in your possession and control and you can draw upon it anytime.
Tom Young
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