Recent content by kp1

  1. K

    USA Sales commissions based on Cash collected

    Thanks. That was very helpful.
  2. K

    USA Sales commissions based on Cash collected

    What about payments made in advance. Some people do make advance premium payment. Sometimes there is financing involved. The clients may be entitled to refund due to cancellation. How would you treat this situation.
  3. K

    Uncollectable Payroll Advance

    Two things are going for you: 1. You can probably claim that amount is not material. So it is a loan and not a couched compensation. 2. Timing In contrast, income from the discharge of indebtedness is taxed at the time “it becomes clear that a debt will never have to be paid”. the case of...
  4. K

    USA Best Tax Program

    I am also using Drake and am very happy with it.
  5. K

    USA Incorrect Building amount used for Rental Depreciation

    I agree with your CPA friend. Most important thing to do is to get depreciation for the 60 k going forward.
  6. K

    Uncollectable Payroll Advance

    Give him a 1099C. It will be taxable to him and deduction for you. Form 1099-C. According to the IRS, nearly any debt you owe that is canceled, forgiven or discharged becomes taxable income to you. You'll receive a Form 1099-C, "Cancellationof Debt," from the lender that forgave the debt.
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