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Hey,
I'm in the small business lending industry. I have a client who is taking a loan but it not labeled as a loan it a PURCHASE OF FUTURE RECEIVABLES. The clients accountant does not know how to write-off the interest or how to report this finance charge on my clients taxes. Does anyone how I can tell the accountant to handle this?
Thank you for your help in advance.
I'm in the small business lending industry. I have a client who is taking a loan but it not labeled as a loan it a PURCHASE OF FUTURE RECEIVABLES. The clients accountant does not know how to write-off the interest or how to report this finance charge on my clients taxes. Does anyone how I can tell the accountant to handle this?
Thank you for your help in advance.