Was the brouhaha on pre-paying real estate tax in 2017 for 2018 taxes ever resolved, and if so, how?
How long can you go without paying property taxes in California?
five years
In California, you generally have five years to get current on delinquent property taxes. Otherwise, you could lose your home in a tax sale. If you don’t pay your California property taxes, you could eventually lose your home through a tax sale.
How do you audit a prepaid expense?
Quote: Do it to a degree. Some intangibles are prepaid as well why because you you pay for them. And you use them for several periods.
What are examples of prepaid expenses?
What is considered a prepaid expense?
- Rent (paying for a commercial space before using it)
- Small business insurance policies.
- Equipment you pay for before use.
- Salaries (unless you run payroll in arrears)
- Estimated taxes.
- Some utility bills.
- Interest expenses.
How do you do adjusting entries for unearned revenue?
Quote:
Quote: Record it as a liability as unearned revenue and as you earn it bring it over to the income statement as revenue and decrease your liability account. And that's how you deal with unearned revenue.
How do you reconcile a deferred revenue account?
Quote:
Quote: Increase it and debits decrease it so you need to credit your deferred revenue in the balance sheet to increase.