Law Practice
Dec. 16, 2016
At year end, the IRS polices constructive receipt
Everyone seems to believe that federal income tax rates will go down in the new year (no, California tax rates will not!). By Robert W. Wood
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
Everyone seems to believe that federal income tax rates will go down in the new year (no, California tax rates will not!). So, accelerating tax deductions and deferring income when you can makes sense. Still, constructive receipt is a fundamental concept in the tax code.
The IRS says you have income when you have an unqualified, vested right to receive it. Asking for payment later doesn't change that. See Chil...
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