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 Re: That's an excellent collection plan..main thing is to get...
Posted by  MelissaCT on 4/5/06 11:17am

Good advice, FlaMac. In addition, and I could be wrong, I believe the IRS (I don't want to say requires, as I'm not 100% sure, but) strongly recommends that you attempt to collect before you write off as bad debt. A certified receipt helps prove that you did try to collect prior to actual write-off. (I believe this applies to accrual method -- with cash basis, you don't claim the income or the expense until payment is available to you) Tax people, correct me if I'm wrong...I only have my Certificate in Accounting. ::GRIN::
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