Q&A: How Can An Accrual Basis Business Defer Revenue When It Receives Cash In Advance?

Earlier today, the IRS published Revenue Procedure 2013-29, which expands the opportunity for accrual basis businesses that receive advance payments to defer the income related to those payments. This is one you should care about, particularly if you or your clients receive advance payments in exchange for redeemable gift cards. Let's get to the Q&A.