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.
References in periodicals archive ?
The Minister also commented that I am happy to confirm that the 111,000 farmers paid in the initial tranche of advance payments represent an increase over the 109,000 farmers paid at this stage last year.
Therefore, advance payments received by an accrual-method taxpayer generally are included in gross income in the year of receipt.
Citroen is another big player in the Motability scheme, offering 26 cars with Nil Advance Payments and many more with only a small contribution.
The Department made its application to the European Commission for the increase in advance payments following the heavy rainfall and flash flooding of 22 August 2017.
The question raised in CCA 201011009 is whether a taxpayer that previously elected to defer advance payments under Rev.
I hope that the 2003 payment process runs much more smoothly and therefore I would expect the Rural Payments Agency to be able to start making the higher advance payments as soon as the payment window opens in mid-October.
Minister Creed said I am very pleased with these permitted increases in advance payments.
LIM has agreed to make advance payments to QNS&L to secure the locomotives and infrastructure capacity to meet LIM's service needs under the contract.
Similarly, taxpayers that defer advance payments related to multiple deliverable arrangements under Rev.

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