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dan6879
Level 1
March 15, 2023
Question

New client received 1099 for a prepaid gas lease. Can I amortize the lump sum payment over how many years? Also,how do you do it in ProSeries?

  • March 15, 2023
  • 1 reply
  • 11 views
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1 reply

J
jeffmcpa2010
Level 10
March 15, 2023

no, I don't believe so. Pretty much a rule that you pay the tax when you receive the payment,(Cash Basis) unless the client is a business entity which reports on accrual basis.

 

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