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bad debt |
Also found in: Dictionary/thesaurus, Medical, Legal, Financial, Wikipedia | 0.07 sec. |
bad debtBill or debt which has not been paid and is most unlikely to be paid. Bad debts eventually have to be ‘written off’ on the profit and loss account. They are counted as a provision and are deducted from the account. One way for medium-sized companies to avoid the problem is to employ a factor, a company which specializes in collecting debts on behalf of other companies. |
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1933), addressed the specific charge-off requirement and noted that Congressional intent was to allow a deduction for business bad debts in the year in which ascertained worthless, provided there was "some specific act of the taxpayer clearly indicating their abandonment as assets. Brazilian farmers realize this, but their options are limited this year by mountains of bad debts. Keep in mind that bad debts don't disappear from your credit once they have been paid. |
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Bad debts
