Cases, Rulings, Regulations

This PodCast is about the timing of income you report and deductions you take. 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 the "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 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 . This Podcast is sponsored by Leimberg Information Services, Inc. at http://www.leimbergservices.com Please visit our software, books, and PowerPoint Presentations site at http://www.leimberg.com