What happens to Cash Advances that are not reconciled?
If the Advance is not reconciled within 5 days, the organizations account will be frozen and the organization will be put on restricted status with the Department of Student Activities. When the Advance is not reconciled after 90 days, the cash will be considered as income to the individual that has signed for it. The individual will be responsible for any income taxes related to the transaction and it will be reported to the IRS on either Form 1099 or W-2.
If the Advance is not reconciled within 5 days, the organization’s account will be frozen and the organization will be put on restricted status with the Department of Student Activities. When the Advance is not reconciled after 90 days, the cash will be considered as income to the individual that has signed for it. The individual will be responsible for any income taxes related to the transaction and it will be reported to the IRS on either Form 1099 or W-2.
Related Questions
- WHAT HAPPENS IF I INCURRED MANY OR LARGE CASH ADVANCES JUST PRIOR TO SEEING MY BANKRUPTCY ATTORNEY, E.G., BORROWING MORE THAN $750 IN CASH ADVANCES WITHIN THE 3 MONTHS PRIOR TO SEEING THE ATTORNEY?
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