https://ttlc.intuit.com/community/taxes/discussion/income-recognition/01/1706029#M607070 <P>I recently took a job with a firm in LA, I will not start until January 2021 but I will be receiving about 10K in signing bosuns paid out several months before I start, so last half of 2020. Should this income be counted as 2020 income even though I will have done no work for this firm in 2020 or can it be counted as 2021 income, when I actually start working for the firm? Or can an individual taxpayer switch to Accrual accounting for their personal income taxes, if so, how?</P> Sat, 08 Aug 2020 14:36:12 GMT CaliQuestions 2020-08-08T14:36:12Z https://ttlc.intuit.com/community/taxes/discussion/income-recognition/01/1706029#M607070 <P>I recently took a job with a firm in LA, I will not start until January 2021 but I will be receiving about 10K in signing bosuns paid out several months before I start, so last half of 2020. Should this income be counted as 2020 income even though I will have done no work for this firm in 2020 or can it be counted as 2021 income, when I actually start working for the firm? Or can an individual taxpayer switch to Accrual accounting for their personal income taxes, if so, how?</P> Sat, 08 Aug 2020 14:36:12 GMT https://ttlc.intuit.com/community/taxes/discussion/income-recognition/01/1706029#M607070 CaliQuestions 2020-08-08T14:36:12Z https://ttlc.intuit.com/community/taxes/discussion/re-income-recognition/01/1706031#M607071 <P>A sign in bonus is taxed in the year you receive it ... it should be reported on a W-2 form next Jan and included on your 2020 tax return.&nbsp; &nbsp;An individual cannot be accrual based ... only businesses who have adopted that accounting method can use it.&nbsp;&nbsp;</P> Sat, 08 Aug 2020 14:42:10 GMT https://ttlc.intuit.com/community/taxes/discussion/re-income-recognition/01/1706031#M607071 Critter-3 2020-08-08T14:42:10Z