Business Taxation Accounting Methods, Accounting Principles, and Tax Year

Date: 12/12/24

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 to set up a new business accounting system and period, provide the client or company with the best systems with respect to dealing with relative employee competencies, and with respect to making changes in methodology when seeking IRS approval is required.

Topics Covered

• Accounting methods overview
• Choosing appropriate 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.
• Substantial/documentation suggestions
• Notional principle contracts
• Appropriate accounting periods
• Acceptable accounting periods
• Accounting method changes
• Involuntary accounting method changes
• Use and purpose of Form 3115
• Limited discussion of tangible property rules

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 accounting methodology and period reporting
• Provide related information with respect to tax laws and GAAP inconsistencies and reconcilitation