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Politics : Formerly About Advanced Micro Devices

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To: J_F_Shepard who wrote (1012352)	4/20/2017 3:14:09 PM
From: Bill	Read Replies (2) of 1574002

From your post, there is no writeoff (deduction). Receipts can be entered as net receipts or as gross billings minus the contractual adjustment (which yields the same number). This would typically be on Schedule C for a doctor who works for himself/herself. "A contractual allowance is not a bad debt because the provider was never entitled to collect the difference under the terms of the relevant contract. A provider’s book contractual allowance represents the difference between the amount recorded on its books as a receivable at the time of the initial billing and the estimated net realizable value (NRV) of gross receipts reported for book purposes under generally accepted accounting principles (GAAP). The NRV is not an acceptable method of determining income for tax purposes. On an income tax return, properly determined contractual allowances would offset gross receipts. The return may report either a net amount of receipts reduced for contractual allowances or total billed amounts with an offsetting reduction for contractual allowances. The reduction will often appear in returns and allowances. "

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