Best Practices for Tax Income and Expense Recognition 2024

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  • Date/Time
    • Feb 26, 2025
    • Sign In: 8:30am (MT)
    • Program: 9:00am - 2:30pm (MT)
    • Add to Calendar
  • Location
    • Your Computer
      Your Space
      ISCPA / CalCPE Webinar, ID 00000
  • Credits
    • 6.00
  • Credit Type(s)
    • Taxes (Technical) (6.00)
  • Prerequisites
    • Familiarity with preparing federal income tax returns for individuals or businesses.

  • Vendor
    • California CPA Education Foundation
  • Level
    • Intermediate
  • Fields of Study
    • Taxes

Description

Understand timing issues under Federal income tax law to maximize client benefits. Review historical antecedents, including US Supreme Court cases and Federal tax rules regarding the timing of income and expenditures. Learn how cash and accrual accounting methods increasingly mirror one another for Federal income tax purposes. Study underutilized planning opportunities to defer income or take advantage of the small business taxpayer exemption. Benefit from the hands-on approach to Code and Regulation sections, revenue procedures and court cases.

  • Presenters - David J. Clark
  • Designed For

    Designed For: Tax practitioners, accountants and financial professionals.
  • Role Level - Manager/Senior Manager; Director; Sole Practitioner
  • Objectives

    • Identify and apply statutory provisions of the Internal Revenue Code regarding the timing of income and expenditures, and policies underlying those rules
    • Determine fundamental principles regarding cash receipts and disbursement methods of accounting
    • Recognize fundamental principles of the accrual method of accounting
    • Determine how the cash and accrual methods of accounting for tax purposes have grown toward each other over time
    • Recognize tax timing planning opportunities and restrictions
    • Identify the rules governing the use of accounting periods and methods by various taxpayers

    Highlights

    • Cash receipts and disbursements method of accounting, including history
    • Cash method limitations, including tax shelters per IRC Sec. 448(d)(3), 461(i)(3) and 1256(e)(3)
    • Cash method by small businesses, including Revenue Procedures 2001-10 and 2002-28 NAICS codes
    • Accrual of income and expenses, including history
    • Economic Performance and Recurring Item Exception, IRC Sec. 461(h)
    • Deferral of Certain Advance Payments (Revenue Procedure 2004-34)
    • Changes made to the above by the 2018 Tax Cuts and Jobs Act

    Advanced Prep

    None

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    Leaders

    CALCPE Panel

    No Biography Available

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