Accounting Methods & Periods: Including Form 3115 - Tax Staff Essentials
This course will help practitioners best determine accounting methods for their clients and how to keep them in compliance.
Format
Online
NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
2
Author(s)
Joseph Walsh
Availability
1 year
Product Number
TSEAMP22SSO
Save when you buy the complete Tax Staff Essentials, Level 2 online bundle.
My client changed accounting methods - now what?
This course will answer that question and more. When do you file Form 3115, Application for Change in Accounting Method? What regulations allow variations between financial and tax reporting? When it comes to accounting methods, questions like these are common among tax professionals.
Learn about various factors in determining proper accounting methods, with detailed examples of court rulings and client examples for specific industries. Learn about updates due to the Tax Cuts and Jobs Act (TCJA), changes to the cash method of accounting rules, and issues related to changes in an accounting period of an entity.
A case study and example tax forms highlight how to identify which IRS revenue procedures are applicable to a given client situation, as well as how and when to prepare Form 3115.
Who Will Benefit
- Tax professionals in public accounting
- Tax professionals within corporate finance or tax departments
Key Topics
- What constitutes a method
- Cash versus accrual
- Automatic changes
- Changes needing permission
- When and how to change a method
- How to account for the change in method
Learning Outcomes
- Recognize when the use of the cash method is appropriate.
- Understand and apply the basic rules for a change in accounting method.
- Choose a proper accounting period under the federal tax rules.
- Identify which IRS revenue procedures provide the guidance for a given scenario for a taxpayer to change his or her accounting method with the IRS.
- Prepare Form 3115, Application for Change in Accounting Method, and recognize how and when this form should be filed by the taxpayer.
Group ordering for your team
2 to 5 registrants
Save time with our group order form. We’ll send a consolidated invoice to keep your learning expenses organized.
Start order6+ registrants
We can help with group discounts. Call us at 1-800-634-6780 (option 1) or email us at salessupport@aicpa.org
Contact usThe Association is dedicated to removing barriers to the accountancy profession and ensuring that all accountancy professionals and other members of the public with an interest in the profession or joining the profession, including those with disabilities, have access to the profession and the Association's website, educational materials, products, and services.The Association is committed to making professional learning accessible to all product users. This commitment is maintained in accordance with applicable law. For additional information, please refer to the Association's Website Accessibility Policy. As part of this commitment, this product is closed-captioned. For additional accommodation requests please contact adaaccessibility@aicpa-cima.com and indicate the product that you are interested in (title, etc.) and the requested accommodation(s): Audio/Visual/Other. A member of our team will be in contact with you promptly to make sure we meet your needs appropriately.
Ratings and reviews
Log in to apply your member discount.