CPE Self-Study
Income and Expense Recognition Strategies to Minimize Income Taxes
Online: 9.5
Register for this CPE course which will address the application of a broad spectrum of tax accounting principles every practitioner should know. Gain a better understanding of income tax accounting rules which is essential to maximizing tax benefits and minimizing tax costs.

CPE On-Demand
AICPA’s online CPE courses will operate in a variety of configurations, but only the configuration described below is supported by our technicians.

A stable and continuous internet connection is required
In order to record your completion of the online learning courses, please ensure you are connected to the internet at all times while taking the course. It is your responsibility to validate that CPE certificate(s) are available within your My Account after successfully completing the course and/or exam. Please contact us at 1.888.777.7077 or service@aicpa.org with any questions or concerns related to your CPE certificate(s).

Supported Operating Systems:

  • Macintosh OS X 10.10 to present
  • Windows 7 to present

Supported Browsers:

  • Apple Safari
  • Google Chrome
  • Microsoft Internet Explorer
  • Mozilla Firefox

Required Browser Plug-ins:

Note: Your course will be accessible immediately after completing your purchase. Access instructions will be shown on the Order Confirmation Screen and included in your Order Confirmation Email, or click My Account at the top of the page, select My Purchases and then My Online Learning tab.

Technical Support: Please contact service@aicpa.org or use the Contact Us Form.

Accessibility: The Association of International Certified Professional Accountants (Association) is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association’s website, educational materials, products, and services.  The Association is committed to making professional learning accessible to all.  This commitment is maintained in accordance with applicable law.  For additional information, please refer to the Association’s Website Accessibility Policy.

If this symbol is displayed under Delivery Type on the product page, this product offers closed captioning.

For accommodation requests, please contact adaaccessibility@aicpa-cima.com and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.

Product details

Who Will Benefit?

  • Tax practitioners in public practice

Key Topics

  • Basic principles of federal income tax accounting
  • Capitalization issues
  • Income recognition
  • Determining the appropriate timing of deductions
  • Flow-through entities
  • Changing accounting methods or periods

Learning Objectives:

This course will prepare you to do the following:

  • Recognize the fundamental distinction between GAAP and tax accounting rules.
  • Identify the record keeping requirements necessary for an accounting method to be respected for tax purposes.
  • Differentiate between the various methods of accounting available under the IRC.
  • Identify the general rules related to tax accounting periods.
  • Apply the constructive receipt doctrine to cash basis taxpayers.
  • Identify when the claim of right doctrine results in income recognition.
  • Determine when the all events test has been satisfied such that income must be accrued.
  • Indicate the requirements for income recognition when compensation is paid in the form of property.
  • Calculate the tax liability resulting from application of the installment method.
  • Identify when advance payments may be excluded from income.
  • Identify when a taxpayer is entitled to a deduction under the all events test.
  • Recognize the special rules applicable when a rental agreement is a disqualified leaseback or long-term agreement.
  • Define the recurring item exception.
  • Select the appropriate special deduction timing rule for businesses involved in the drilling of an oil or gas well.
  • Calculate the amount of the domestic production deduction.
  • Calculate the accumulated adjustments account for an S corporation.
  • Determine the proper tax year for an S corporation, partnership, or LLC.
  • Differentiate partnership capital accounting from basis.
  • Recognize qualified income offset and minimum gain chargeback provisions in partnership.
  • Identify changes in accounting method that require consent of the IRS.
  • Calculate IRC Section 481 adjustments.
  • Distinguish the cut-off method from other Section 481 adjustments.
  • Recognize the requirements for audit protection with respect to accounting method changes.
  • Determine the manner in which an accounting period may be changed.

Characterization (identifying ordinary income, capital gain, exempt income, deductible expenses) understandably plays a central role in tax practice; however, timing issues (when an item is reflected on the tax return) are just as important. Because tax planning often involves deferral rather than exclusion, a solid understanding of income tax accounting rules is essential to maximizing tax benefits and minimizing tax costs. Practitioners are confronted with federal income tax accounting rules that differ substantially from GAAP and mastering those rules is key to adequately advising clients with respect to both compliance and planning opportunities. This CPE course addresses the application of a broad spectrum of tax accounting principles every practitioner should know.

Ratings and reviews

Charles A. Borek, CPA, JD, MBA

Columbia, MD

Chuck Borek is a CPA and attorney with over 20 years of professional experience dealing with both business and nonprofit clients and has served in the capacity of officer and board member for several entities. He is also an award-winning speaker on a variety of accounting topics, having conducted over 300 live and web-based presentations across the country.

After serving for several years as a partner in a regional CPA firm in the Washington, DC area, Chuck founded The Borek Group, LLC, which develops professional education materials for both CPAs and lawyers. He concurrently acts as a consultant to the Columbia, Maryland firm of Davis, Agnor, Rapaport & Skalny, LLC.

In addition to his professional experience, Chuck has taught graduate students at American University and at the University of Baltimore and undergraduate students at Prince George's Community College in Maryland, where he held the position of Associate Professor of Accounting from 1998 to 2003. He is also a former Commissioner on the Howard County (Maryland) Pension Oversight Commission. Chuck has authored multiple books, articles, and professional publications for many organizations, including AICPA and BNA. He is currently working on several projects for a variety of publishers.


American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting.

The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

Member Quantity:
Nonmember Quantity:
Estimated total:
Add to cart
CPE credits
: 9.5
NASBA Field of Study
Basic knowledge of federal income tax rules
Delivery Method
QAS Self-Study
Course acronym
Contact a representative for group pricing.
Telephone: 800.634.6780 (Option 1)
Contact us online
Back to Top