This CPE course provides you 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. The course also discusses accounting periods, and considerations for changes in the accounting period of an entity. In addition, this resource provides 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.
What constitutes a method
Cash versus accrual
Changes needing permission
When and how to change a method
How to account for the change in method
This course will prepare you to:
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 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
Advance Preparation: None
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