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
You'll need to sign in or create an account to connect with an expert.
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.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
R Taylor
Level 2
j g
Level 2
andreijona24
Returning Member
FPSLLC
Returning Member
cobo621
New Member