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A Matter of Timing-When Income and Deductions are Reported
Manage episode 155580392 series 1161335
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What if a customer tells you they are going to reduce what they pay you for the work you just delivered to them because you owe them to fix for a bad job you did on an earlier contract? If you are on the accrual basis, can you reduce your accrued receivable or record an expense if you are disputing that claim? That is the issue being dealt with this week in the case of Trinity Industries v. Commissioner, 132 TC No. 2.The written materials can be downloaded at http://www.edzollars.com/2009-02-02_Timing.pdf .The podcast is sponsored by Leimberg Information Services, located on the web at http://www.leimbergservices.com .
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