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For the 2016 salary, wire cut off for Wire Out date for 2016

Customer Question
is past. If setup...
for the 2016 salary, wire cut off for Wire Out date for 2016 is past. If setup a wire at bank today (effective wire date is January 3, 2017). Can this still be claimed in 2016 salary expense?
JA: The Accountant will know how to help. Is there anything else the Accountant should be aware of?
Customer: this is for Full Corp (not S-corp) also, can I pay bill with Check since wire transfer to show on the banking statement cut off is past. If I issued a check, check be December 31st dated check, but bank can't cash it until as early as January 3rd, 2017 or until customer deposits it to the bank after the holiday.
Submitted: 10 months ago.Category: Tax
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Customer reply replied 10 months ago
Also, we have a few more consulting and market research bills from September to December to pay. Can those be paid with the same method to qualify for 2016 expenses?
Answered in 5 hours by:
12/31/2016
Tax Professional: Barbara, Enrolled Agent replied 10 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,024
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If you are using the cash method of accounting for your business, you cannot claim the salary expense for 2016 if wire cutoff date for 2016 is past. If you write a check dated 12/31/16, you can claim the salary expense regardless of when the check is cashed or the customer deposits the check. Likewise, with any other bills. If you write the checks with a date of 12/31/16, those items will count as 2016 expenses.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 10 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can further assist you.

Thank you.

Barb

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Barbara
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,024
4,024 Satisfied Customers
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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