Best Practices for Tax Income and Expense Recognition Webinar

• Identify and apply statutory provisions of the Internal Revenue Code regarding timing of income and expenditures, and policies underlying those rules.
• Determine fundamental principles regarding cash receipts and disbursements methods of accounting.
• Recognize fundamental principles of the accrual method of accounting.
• Determine how the cash and accrual methods of accounting for tax purposes have grown toward each other over time.
• Recognize tax timing planning opportunities and restrictions.
• Identify the rules governing the use of accounting periods and methods by various taxpayers.

• Cash receipts and disbursements method of accounting, including history
• Cash method limitations, including tax shelters per IRC Sec. 448(d)(3), 461(i)(3) and 1256(e)(3)
• Cash method by small businesses, including Revenue Procedures 2001-10 and 2002-28 NAICS codes
• Accrual of income and expenses, including history
• Economic Performance and Recurring Item Exception, IRC Sec. 461(h)
• Deferral of Certain Advance Payments (Revenue Procedure 2004-34)
• Changes made to the above by the 2018 Tax Cuts and Jobs Act