Business Income Taxation Update and Refresher (line-by-line explanations and related law)​

Date: 09/19/2024
Time: 12:00 PM - 4:00 PM EST
CPE Credit: 4 hours

 This 4-hour webcast will provide practitioners with extensive information needed especially when helping clients to choose the appropriate business entity and to deal with the related taxation issues.

Topics Covered

            Tax accounting methods overview

• Choosing appropriate tax accounting methods
• General rules for methods of accounting
• Requirements to maintain appropriate accounting records     
• Permissible methods of accounting
• Constructive receipt of income
• Rules for year of deducting expenses, etc.
• Substantiation/ documentation suggestions
• Notional principal contracts
• Appropriate accounting periods
• Acceptable accounting periods
• Tax accounting method changes
• Involuntary accounting method changes
• Use and purpose of Form 3115
• Various business tax forms
• Limited discussion of tangible property rules
• Ramifications of Tax Cuts and Jobs Act of 2017 including brief discussion of QBI and 163(j)
• Various other issues

Learning Objectives:

●Provide an in-depth discussion of correct reporting and substantiation to provide complete and accurate tax returns
 ●Provide information as to the how’s and why’s of tax accounting methodology and period reporting
●Provide related information with respect to tax laws and GAAP inconsistencies and reconciliation