We are a small contracting company , we did some work for ageneral contractor in dec 07, they cut the check in dec but did not give it to us till the end of jan 08, they put the amount on our 07 1099 is that legal
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We are a small contracting company , we did some work for ageneral contractor in dec 07, they cut the check in dec but did not give it to us till the end of jan 08, they put the amount on our 07 1099 is that legal
Not if you are a "cash basis" taxpayer. You count the income when you RECEIVE the money, not when you earn it.
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