Description
This course will help practitioners best determine accounting methods for their clients and how to keep them in compliance.
Designed For
- Tax professionals in public accounting
- Tax professionals within corporate finance or tax departments
Objectives
- Recognize when the use of the cash method is appropriate.
- 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 procedures provide the guidance for a given scenario for a taxpayer to change his or her accounting method with the IRS.
- Prepare Form 3115, Application for Change in Accounting Method, and recognize how and when this form should be filed by the taxpayer.
Highlights
- 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