Mailbox Rule
Income Taxes

Mailbox Rule in Business

There is one tax rule that confuses business owners and it relates to the year-end practice of paying bills and receiving compensation for receivables.  This is referred to as the ‘Mailbox Rule’.  This is strictly […]

Phantom Income
Income Taxes

Phantom Income

Those small businesses using partnership or S-Corporation formats issue Form K-1 to the respective owners.  When income is assigned to the owner and there is no corresponding cash related to that income, then this income […]