OVO and others pay customers interest on credit balances. Are these taxable? I have read that they are not but are instead a pre-payment discount. Is this a correct analysis?
Thanks in advance for any comments.
Are the interest payments on credit balances taxable?
OVO and others pay customers interest on credit balances. Are these taxable? I have read that they are not but are instead a pre-payment discount. Is this a correct analysis?
Thanks in advance for any comments.