Discussion:Cash basis for medical practice

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Revision as of 16:46, 31 March 2009

Discussion Forum Index --> Advanced Tax Questions --> Cash basis for medical practice
Discussion Forum Index --> Tax Questions --> Cash basis for medical practice

PBinNJ (talk|edits) said:

31 March 2009
Client is a hand massage therapist, S corp. Normally I prepare returns on an accrual basis but I'm wondering if it is permissable to report the revenues on a cash basis in this case. The receivables are much higher than the likely net realizable amount and because of the multitude of contracts she has with different insurance companies and the uncertainty of Medicare reimbursements, it is very difficult to A/R at 12/31. Seems to me that reporting revenues on a cash basis would be more accurate but don't know if it is permissable. Thanks for any comments.
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