Accounts Receivable Tax Law & Legal Definition
An accounts receivable is money which is owed to a company by a customer for products and services provided on credit. This is treated as a current asset on a balance sheet.
Accounts receivables are subject to taxation under some state laws, which vary by state. For example, Florida state law requires taxation of intangible personal property owned, managed, or controlled by Florida residents or persons doing business in Florida. Accounts receivable not arising from the normal course of trade or business are taxable under this law, while accounts receivable that arise from, or are issued in connection with, a business' normal trade or business activity are exempt. Local laws should be consulted for the specific requirements in your area.
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