I own a small service business and the business owns a Sprinter. I recently had the AEM performed and submitted my paperwork for the class action lawsuit settlement, which will be made out to my business name.
My accountant is on vacation for the next couple weeks so I figured I would ask here since there’s so many other people involved in this settlement.
Is the $3500~ I’ll be receiving from this settlement taxable? If so, how would I enter it into QuickBooks? I do all my own bookkeeping. For the last 10 years I’ve been in business all of the income my company has received has been entered as Job Income. But I can only assume that income from a settlement should be entered as a different type of income.
Of course I will confirm this with my accountant, but I just wanted to see if anyone else know how this works in the meantime.
My accountant is on vacation for the next couple weeks so I figured I would ask here since there’s so many other people involved in this settlement.
Is the $3500~ I’ll be receiving from this settlement taxable? If so, how would I enter it into QuickBooks? I do all my own bookkeeping. For the last 10 years I’ve been in business all of the income my company has received has been entered as Job Income. But I can only assume that income from a settlement should be entered as a different type of income.
Of course I will confirm this with my accountant, but I just wanted to see if anyone else know how this works in the meantime.
