Accounting Methods and Periods

This course provides participants with an overview of the various factors considered for the determination of the proper accounting method (such as cash, accrual) and provides detailed examples of court rulings and client examples (for specific industries) involving each. Then, the course discusses accounting periods, and considerations for changes in the accounting period of an entity. Lastly, there is a case study and example tax forms to highlight how to identify which IRS Revenue Procedures are applicable to a given client situation, as well as how and when to prepare the Form 3115. This course incorporates impacts from the Tax Cuts and Jobs Act.

Learning Objectives

When you complete this course you will be able to:

  • Recognize when the use of the cash method is appropriate, and how the Tax Cuts and Job Act impacts this method.
  • Understand and apply the basic rules for a change in accounting method
  • Choose a proper accounting period under the federal tax rules
  • Identify which IRS Revenue Procedure(s) provides the guidance for a given scenario for a taxpayer to change their accounting method with the IRS
  • Prepare the Federal Form 3115 – Application for Change in
  • Accounting Method and understand how and when this form should be filed by the taxpayer.

Topics Discussed

  • What constitutes a method
  • Cash versus accrual
  • Automatic changes
  • Changes needing permission
  • When and how to change a method
  • How to account for the change in method

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COURSE CODE

TSE.AMP

FIELD OF STUDY

Taxation

CPE CREDIT HOURS

2

KNOWLEDGE LEVEL

Intermediate

INTENDED AUDIENCE

Tax professionals within corporate finance or tax departments

PREREQUISITE

Three to five years of tax experience

ADVANCED PREPARATION

None

DELIVERY METHOD

Delivery Method: 

FIRST OFFERING

May 15, 2018 (First offering date guaranteed for all orders placed by )

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CONTACT A TRAINING REPRESENTATIVE:


1-800-634-6780 Option 1 aicpalearning@aicpa.org

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