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Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2043
Experience:  Certified Public Accountant
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I am a trustee at a large church in Va.and a member call me

Customer Question

I am a trustee at a large church in Va.and a member call me on the 28th of Dec.and wanted to pay for a renovation at church and the cost was $110,000 and he needed credit in Dec..He wrote the check on Dec.30 but our next service was not till Jan.1 2017.If he mailed it would have a Dec.30 postmark can we still give him credit for a credit in 2016
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: even it I received it on Sat it would not been deposited until today.So I think he should get credit for 2016
Submitted: 6 months ago.
Category: Tax
Expert:  Mark Taylor replied 6 months ago.

Hi, my name is Mark. I will be happy to help you with your questions. Generally, he should receive credit in the year that he gave up control over the funds. Based on your description it sounds like this would have been in on the first. If you can demonstrate that you received the check prior to the end of the year he would get credit in 2016. I agree with your comment about today being the first day that the money could have been deposited.