In cash basis accounting, for tax purposes: a.Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid. b.Income is recognized when it is earned regardless of when received and expenses are recognized when they are actually or constructively incurred. c.The cash basis is not allowed for businesses reported on Schedule C. d.Income is recognized when it is actually or constructively received and expenses are recognized when they are actually or constructively incurred, regardless of when paid.

In cash basis accounting, for tax purposes: a.Income is generally recognized when it is actually or constructively received and expenses are generally recognized when they are paid. b.Income is...

Jun 03, 2022