Phantom income: the ghoul'd, the bad, and the ugly
Long after Halloween passes, many taxpayers across the country will continue to be haunted by the curious faces of phantom income. For some, there is hope; a CPA can often curtail, mitigate, or at the very least prepare a taxpayer for the trauma associated with paying tax on income that was never 'cash in hand.' For others, taxes will never be the same... ------- For cash-basis taxpayers, ‘Phantom Income’—aka the ‘Tax Bogeyman’, aka the ‘Green Reaper’, aka the ‘Phantom of the