bad debt

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Related to uncollectible: uncollectible debt

bad debt

Any bill submitted for payment by a third-party payer or patient which is not paid in full, and unlikely to be paid for various reasons

bad debt

Medical practice Any bill submitted for payment by a third-party payer or Pt, which is not paid in full

bad debt

(bad det)
Unrecoverable debt.

bad debt

a professional fee that is owed but is not recoverable by the normal procedure of submitting three accounts at one month intervals and rendered from the veterinarian's office. A bad debt must be written off as a loss or placed in the hands of a professional debt collector or a solicitor to collect. If bad debts exceed 2% of the gross income the management of the practice should be investigated.
References in periodicals archive ?
If such amount is more than the amount that would have resulted under the actual-experience method, the taxpayer must change its accounting method for uncollectible amounts to a method that will clearly reflect its NAE.
5 million additional provision for estimated uncollectible revenue in 2009, net income and diluted earnings per share for the nine months ended September 30, 2009 would have been $14.
The portion of receivables estimated to be uncollectible is generally based on a six-year moving average of the taxpayer's actual bad debts and receivables.
In this case, his tax adviser should advise him to initiate these efforts during the 1996 tax year for this debt and any other account receivable that Jack feels may be uncollectible.
However, due to higher uncollectible expense, lower sales and increased required capital projects to meet our public service obligations, UI must now seek to increase rates.
Includes $50,000 of allowance for uncollectible notes and mortgages.
For any tax year, the uncollectible amount of a receivable is the amount that bears the same ratio to the account receivable outstanding at the close of the tax year as (1) the total bad debts with respect to accounts receivable sustained during the period consisting of the tax year and the five preceding tax years, adjusted for recoveries of bad debts during such period and (2) the sum of the accounts receivable earned throughout the entire six-year period.
When the IRS compromises an assessment by accepting a discounted amount, the unpaid balance is abated, the taxpayer gets a fresh start and the IRS collects monies that may be uncollectible in the future.
Results, however, were adversely affected by higher operating expenses, including increases in depreciation and in the provision for uncollectible accounts.
Total revenue for the fourth quarter of 2006 is reduced by estimated uncollectible revenue of $8.
166(a), provided the taxpayer can establish that the debt is worthless and uncollectible.
The provision for uncollectible accounts for the second quarter of 1994 was $52.