Timing Rules for Income Tax Compliance and Planning WEBCAST

Thursday, July 28 8:00am - 4:00pm PDT

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8.0 Credits

Member Price $299.00

Non-Member Price $399.00

Overview

Master the key tax accounting rules and concepts. Timing rules are crucial knowledge for computing taxable income, tax planning and accounting for income tax. Discover favorable methods for small businesses. Learn how to select and adopt a method of accounting. Plus, review method vs. error, timing rules for income and expenses and inventory accounting. Examples and exercises are used throughout the course to illustrate relevant Internal Revenue Code, regulations, IRS rulings and court cases. Tax planning ideas and the relevance of tax timing rules to the income tax provision for financial accounting are covered.

Highlights

What is a method of accounting, and why is the answer important? How to select and adopt a method of accounting. When can income be reported for both cash and accrual method businesses? When are expenses to be reported for cash and accrual method businesses? How and when to account for inventory. How and when to change a method of accounting. Avoiding accounting method problems. Tax planning ideas. How to avoid problems. Identifying planning opportunities. Relevance of timing rules to the income tax provision for financial reporting.

Prerequisites

None.

Designed For

CPAs, attorneys and tax professionals.

Objectives

Understand the importance of tax accounting methods in financial reporting, tax compliance and planning. Understand how to identify “small businesses” including the application of the rules on tax shelters and aggregation of gross receipts, and the favorable methods available to small businesses. Determine when both cash and accrual method taxpayers report income and claim deductions. Distinguish between method changes, changes in facts and errors, learn how to make a method change. Understand the special rules for inventory and method changes. Identify when interest capitalization and long-term contract accounting may apply.

Preparation

None.

Notice

None.

Leader(s):

  • Annette Nellen

Non-Member Price $399.00

Member Price $299.00