Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

Can a taxpayer report on a cash basis?

April 26, 2017basis cash report taxpayer

0

10 Posted

Can a taxpayer report on a cash basis?

1 Answer

0

10 Posted

Yes, any taxpayer who does business wholly or partly on a credit basis may apply to the Commissioner for permission to prepare returns on the basis of cash actually received. No taxpayer may report on the cash basis unless permission has been expressly granted by the Commissioner.