In November of 2022, Bruno, a cash basis CPA, contracted to perform an audit for $2,000 and to prepare the corporate tax return for $1,000. The contract called for payment on Jan.31, 2023. The client offered Bruno $,1500 on Dec. 31, 2022. Bruno refused citing the contract payment date. What amount must Bruno include in his 2022 tax return?

Answer rating: 100% (QA)

Since Bruno is on a cash basis he should report income when its actually received not when its e... View the full answer