Navigate the tricky accounting and tax rules for payments made or received before services are rendered.
In most industries, it is normal to get paid after a job is done. However, what do you do if someone pays you ahead of time? The job is not done yet, so you can't recognize the revenue.
Also, have you ever had to make a deposit on something ahead of time? If so, then you can't recognize the expense yet, since it has not been incurred. These situations happen all the time, but many practitioners who are just getting started struggle to know what to do in these situations.
In this course, we will be talking about unearned income and prepaid expenses. We will talk about how the accounting differs for cash and accrual basis taxpayers, and what to do on the tax return.
Who Should Attend:
Practitioners that are new to the industry or bookkeeping. Also, small business owners looking to do their own bookkeeping.
CPA, CFP, CLU, CPCU, MST, MBA
David Peters is the Founder and Owner of Peters Professional Education in Richmond, VA. He is registered with the U.S. Securities and Exchange Commission (SEC) as an Investment Advisor Representative (IAR) with Peters Financial LLC. He brings over 20 years of experience in financial services, including three years in the hedge fund industry and six years in insurance. David was the first Chief Financial Officer of Compare.com, where he served for more than three years. He holds four master’s degrees, contributes frequently to professional publications, and is a nationally recognized CPE instructor and discussion leader for Surgent seminars and a former instructor for Don Farmer. David received the AICPA Outstanding Facilitator Award in 2021, 2023, and 2024 as well as Surgent's Outstanding Discussion Leader awards in 2019 and 2022. He also co-authored the Virginia CPA Ethics course in 2018, 2019, and 2020, which is a requirement for all CPAs licensed in Virginia. Through Peters Professional Education, David is the author and instructor for over 125 recorded on-demand CPE courses and leads private trainings, in-person tax seminars, and quarterly live tax update webinars. His areas of instruction include accounting, finance, insurance, financial planning, and ethics, and he regularly teaches professionals across the United States.
