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Level 3
January 7, 2022
Solved

Cash Basis Grant Income Taxed when received?

  • January 7, 2022
  • 1 reply
  • 5 views

Cash basis corporation received $15,000 grant income in prepayment for future services in the next tax year.  Should this grant income be taxed when received or when expenses/services are rendered in the next year?

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Best answer by TaxGuyBill

Cash Basis means it is income when received.

1 reply

Level 15
January 7, 2022

Cash Basis means it is income when received.