I worked for a client in Nov 2016 for which they mailed me a check dated Dec 31 2016. Since i got the check in mail in Jan 2017 , I desposited the check in the S corp Bank Account the amount came in my bank in 2017 , Should I be repoting this income for 2016 or 2017?
Thanks
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If your S corporation operates on the cash basis (you report income when received and expenses when paid), a check received in 2017 is considered to be 2017 income.
If your S corporation operates on the cash basis (you report income when received and expenses when paid), a check received in 2017 is considered to be 2017 income.
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