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Becoming a Tax Ninja: Tax Accounting Methods Part 2

CPE Credit:	2 hours for CPAs 2 hours Federal Tax Related for EAs and OTRPs 2 hours Federal Tax Law for CTEC

This is a hands-on approach to unleashing large deductions for your clients, and helping your clients avoid significant tax risks before they mushroom into major tax issues. Buried deep in the Internal Revenue Code are the mysteries of accounting methods. These have traditionally been to exclusive province of only large accounting firms; you can bring this critical tax tool to your clients.

We’ll cover the big issues, and how to make these changes with hand-on, real-life examples and filled-out Forms 3115.

Publication Date: September 2022

Topics Covered

Changes in accounting methods for small businesses
Accrual to cash
No longer computing inventories
No longer using section 263A

Identifying tax shelters that can prevent taxpayers from qualifying as "small businesses."

Switching from cash to accrual

This saves some companies money

Learning Objectives

Identify accounting method changes available for small businesses
Identify businesses that are better served by using the accrual method
Identify tax shelters including 35% syndicates
Identify benefits and burdens of using the cash method
Identify the accounting method that is much easier to use and usually defers income
Identify the deduction type that is made as payments are made
Identify what type of income can be avoided by using the cash method
Identify the IRS form that should be filed when switching from the accrual to cash basis accounting method
Identify the type of tax shelter that almost does not exist anymore

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None

Registration Options

Quantity

Fees

Regular Fee $67.00

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