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Hello,
does anyone know how this applies to business income? Say someone claims to have issued me a check in December of 2023. I never received it or it was lost in the mail etc. I then ask them to reissue a new check to me for the same amount in January of 2024. What tax year is the income reported on using the cash method?
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Oops I was trying to reply to another thread and made another by accident. But the question is still complete lol.
The income will be reported once it is received, so in 2024.
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