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Advance Payments

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Advance Payment
A payment on an obligation that is paid well in advance. For example, if one pays May's rent in April, the payment is an advance payment. Often, though not always, the advance payment results in a discount on the amount owed. It is also called a payment in advance.
Advance Payments
Advance payments are prepayments for services or goods. They generally are includible in gross income upon receipt for both accrual- and cash-basis taxpayers.
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The Assembly Government has taken advantage of EC provisions allowing it to make advance payments to around 250 dairy farmers across Wales.
Early SFPs for DFB farmers; roundUP by Daily Post (Liverpool, England)
In keeping with payment, advance payments are nice, but be certain to closely examine them.
Writing a Book What You Need to Know About the Publishing Process by josh brown / Internet and Businesses Online community
The TAM concludes that the gift card receipts are not advance payments within the meaning of the regulation because Taxpayer is not the party that provides the goods, and its assertion that it is contractually obligated to provide goods to customers does not reflect either the form or substance of its agreement with the retailers.
IRS continues to challenge deferral of revenue from gift cards by Fitzpatrick, Cathy; Conjura, Carol / The Tax Adviser
 
 
 
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