Operating a business means you often have to deal with late paying clients. Additionally, you will have to deal with clients who do not pay invoices because a customer closes their doors and goes out of business. The Internal Revenue Service (IRS) has specific rules about writing off uncollected debt. The methods for writing off business debt often depend on the method that a company determines is more feasible for them. Additionally, the IRS also has time limits for writing off uncollected debt that must be kept in mind. Companies who fail to claim the uncollected debt within two tax…
