- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
0
Posted on 1/3/21 at 8:17 am to beerJeep
How about you share with the group your charitable acts for 2020.
You seem to incredibly critical of this gentleman's efforts, surely you have something to top it.
You seem to incredibly critical of this gentleman's efforts, surely you have something to top it.
Posted on 1/3/21 at 8:19 am to 632627
quote:
if the debt is for a physical good, that can be written off.
But you can’t write off money not collected for a service; eg. lawyer.
Ah, thanks (sincerely) for clearing this up for
Me.
Posted on 1/3/21 at 8:29 am to hikingfan
(no message)
This post was edited on 1/8/21 at 6:42 pm
Posted on 1/3/21 at 8:43 am to 632627
quote:
But you can’t write off money not collected for a service; eg. lawyer.
You sure as shite can if you recognized the revenue from a financial reporting perspective. It has nothing to do with physical goods vs service. That might impact timing but you are in no way precluded from a writeoff just because you are talking about a service vs a good.
This post was edited on 1/3/21 at 8:44 am
Posted on 1/3/21 at 8:51 am to Jorts R Us
quote:
You sure as shite can if you recognized the revenue from a financial reporting perspective.
You’re saying he factored the expected income into his earnings, then deducted it later on. I don’t know the actual term, but that’s an amendment rather than a write off.
Posted on 1/3/21 at 8:55 am to 632627
quote:
You’re saying he factored the expected income into his earnings, then deducted it later on. I don’t know the actual term, but that’s an amendment rather than a write off.
Revenue recognition rules very often require you to pick up the income before you've got cash in hand. When you don't collect you can claim a bad debt deduction/writeoff. It has nothing to do with goods vs services.
In the example you provided earlier, a lawyer is absolutely recognizing that revenue on the books when the services are rendered. If they don't collect, they are entitled to a writeoff via a bad debt deduction.
I've never heard that called an amendment. If you're suggesting you amend a return for that scenario--no.
This post was edited on 1/3/21 at 9:01 am
Posted on 1/3/21 at 8:56 am to beerJeep
quote:
It’s a system that, as you can see here with this doctor, gives direct incentives to the smartest and best the world over to come HERE to practice.
Here’s a hint: you’ll find Pakistani doctors in countries besides the US. Pakistan sucks even if you’re a doctor.
If you think our medical system is the only reason people might live here you’re fricking wrong.
quote:
He isn’t interested in saving lives for free. He is interested in saving lives AND GETTING PAID DAMN WELL to do it.
Doctors in Europe don’t work for free.
Posted on 1/3/21 at 9:05 am to Jorts R Us
You’re saying he put the revenue on the books, paid taxes on it, and then writes it off later. That means it’s a wash. I believe that his happens when you do quarterly business taxes and then amend later on.
Someone suggested he used it as a pure write off, as if it was a donation, bad investment or business expense. I’m saying this can’t be done.
Someone suggested he used it as a pure write off, as if it was a donation, bad investment or business expense. I’m saying this can’t be done.
Posted on 1/3/21 at 9:07 am to 632627
quote:
You’re saying he put the revenue on the books, paid taxes on it, and then writes it off later. That means it’s a wash. I believe that his happens when you do quarterly business taxes and then amend later on.
Yes, it's a wash but it's not something you amend for.
quote:
Someone suggested he used it as a pure write off, as if it was a donation, bad investment or business expense. I’m saying this can’t be done.
Agree. It's not a phantom deduction. It shields previously recognized revenue.
Posted on 1/3/21 at 9:08 am to FiddleHead
quote:
Any system that forces you to choose between dying or living, and having debt you’ll never live long enough to pay off is in fact a shitty system.
Don't blame the system. Blame being mortal. Everyone dies. If you have a cancer diagnosis, you can choose to fight it (spend money) or let nature take its course. That's just life. Think it's better in other countries where you don't even get a chance to fight the disease? Be my guest.
Posted on 1/3/21 at 9:12 am to Jorts R Us
quote:
Agree. It's not a phantom deduction. It shields previously recognized revenue.
Same with any type of service in which money wasn’t collected (and never went on the books).
Otherwise, tax fraud would be rampant- businesses could be sending out inflated or fictitious invoices and telling people not to pay, and instead writing off all earnings.
Posted on 1/3/21 at 9:20 am to 632627
quote:
Same with any type of service in which money wasn’t collected (and never went on the books).
Again, collection and revenue recognition aren't as linked as you are suggesting so I don't know why you think that revenue isn't on the books just because cash wasn't received. Loads of professional service firms on the accrual method.
This post was edited on 1/3/21 at 9:23 am
Posted on 1/3/21 at 9:28 am to Jorts R Us
I’m not sure why you keep circling back to revenue recognition. I get it- some businesses do this, some don’t.
Everyone that has chimed in agrees- money that has gone on the books, can and should come off the books.
Money that hasn’t, can’t be used as a write off/deduction.
Everyone that has chimed in agrees- money that has gone on the books, can and should come off the books.
Money that hasn’t, can’t be used as a write off/deduction.
Posted on 1/3/21 at 9:34 am to 632627
quote:
I’m not sure why you keep circling back to revenue recognition. I get it- some businesses do this, some don’t.
Because you tied it to services vs goods, which is wrong.
This post was edited on 1/3/21 at 9:35 am
Page 4 of 4
Popular
Back to top
Follow TigerDroppings for LSU Football News