Unearned revenue is not an asset, according to Investopedia. Unearned revenue is actually a liability to the company that has the account on its books, because it represents payments already made for a promised good or service.
The liability carried due to unearned revenue is carried on the accounts as long as the agreed upon good or service remains undelivered, according to Investopedia. Unearned revenue is a temporary account on the balance sheet, as it is created once the pre-payment for the good and service is received but then cleared out and closed as soon as the good or service is presented to the buyer.Learn More
The amount reported on Form 1099-C, Cancellation of Debt, is not taxable if it meets an exception or exclusion, states the IRS. Examples of exceptions include amounts specifically excluded from income by law, cancellation of certain qualified student loans and qualified purchase-price reductions given by a seller, as of 2015.Full Answer >
Businesses that meet the requirements for quarterly income taxes must file four times a year: April 15, July 15, September 15 and January 15. If any of these dates falls on a weekend, the due date defaults to the next business day.Full Answer >
The Declaration Control Number was a unique number assigned to every electronically filed tax return. The DCN couldn't duplicate a previously e-filed return, or the IRS would reject the return.Full Answer >
The address for a federal tax return will vary depending on the state it is sent from, but it will always be addressed to the "Department of the Treasury, Internal Revenue Service." In calendar year 2015 it will be sent to either Kansas City, Missouri; Fresno, California; or Austin, Texas.Full Answer >