Best Practices for Tax Income and Expense Recognition WEBCAST

Tuesday, December 14 8:00am - 3:30pm PST

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8.0 Credits

Member Price $289.00

Non-Member Price $389.00

Overview

Gain an understanding of timing issues under Federal income tax law to maximize client benefits. Review historical antecedents, including U.S. Supreme Court cases and Federal tax rules regarding the timing of income and expenditures. Learn how cash and accrual methods of accounting increasingly mirror one another for Federal income tax purposes. Study underutilized planning opportunities to defer income or facilitate tax reporting. Benefit from the hands-on approach to Code and Regulation sections, revenue procedures and court cases. Updated to reflect changes made by the 2018 Tax Cuts and Jobs Act.

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.

Prerequisites

Familiarity with preparing federal income tax returns for individuals or businesses.

Designed For

Tax practitioners, accountants and financial professionals.

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.

Preparation

None.

Notice

None.

Leader(s):

Leaders

David Clark

David Clark has extensive experience in all facets of tax law with particular emphasis in real estate, family-owned businesses, and complex estate and trust arrangements. His clients appreciate his depth of understanding of the Internal Revenue Code and his practical approach to structuring complex transactions. During Mr. Clark’s nine years at Arthur Andersen & Co., his largest clients were closely held corporations involved in the real estate industry, their shareholders, related entities and family members. Since leaving Arthur Andersen & Co., he has been involved in a number of projects inside and outside the United States for both private and governmental employers. Mr. Clark is a Commissioner from California to the National Conference of Commissioners on Uniform State Laws (NCCUSL), also known as the Uniform Law Commission (ULC). He is active in the American Bar Association (ABA) Section of Taxation. He is currently a partner in the Novato CPA firm of Boerio, Clark & Associates CPAs, LLP.

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Non-Member Price $389.00

Member Price $289.00