Timing Rules for Income Tax Compliance and Planning Webinar

Understand the importance of tax accounting methods in financial reporting, tax compliance and planning.Understand how to identify "small businesses" including application of the rules on tax shelters and aggregation of gross receipts, and the favorable methods available to small businesses.Determine when both cash and accrual method taxpayers report income and claim deductions.Distinguish between method changes, changes in facts and errors; learn how to make a method change.Understand the special rules for inventory and method changes.Identify when interest capitalization and long-term contract accounting may apply.
Highlights
Quickly master key tax accounting rules and concepts. Discover favorable methods for small businesses. How to select and adopt a method of accounting. Plus, review method vs. error, timing rules for income and expenses and inventory accounting. Examples and exercises are used throughout the course to illustrate relevant Internal Revenue Code, regulations, IRS rulings and court cases. In addition, review tax planning ideas and its relevance to the income tax provision for financial accounting.Formerly titled: Tax Accounting Methods