Deferring Taxes on Advance Payments
An advance payment is one received by a business before it provides whatever is being paid for. For federal income tax purposes, generally advance payments must be reported as taxable income in the year received. This treatment always applies if your business uses the...
Play It Smart by Naming Co-Executors
Choosing an executor is one of the most important decisions in the estate planning process. This person, or institution, will be responsible for carrying out your wishes, managing assets, paying debts and taxes, distributing property to beneficiaries, and more. Your...
What to Do When Your Nonprofit Team Doesn’t See Eye-to-Eye on Financial Reporting
