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Topic
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Facts:
Client A of attorney has $5,000 retainer balance as of 12/1/19. Attorney issues December 2019 invoice for $2,000 in February of 2020 to Client A. When do I recognize the income for the attorney? When invoiced in 2020, or on the invoice date of 12/31/19? Note that the Attorney is on the cash basis, which means I should recognize when cash is “received”, the caveat of having the funds held in IOLA account is giving rise to this question.
All responses are appreciated.
NYS Licensed CPA. 12yrs in this shit and it never gets easier!
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