Critical Tax Issues and Planning for Accounting Periods, Methods, Related Party Transactions, and Form 3115

Description

This course explores in-depth problems and solutions relating to accounting periods and methods under the Internal Revenue Code. It will also cover the special rules that apply to transactions between related parties.

Highlights

Objectives

• Understand the tax considerations relating to the selection of an annual accounting period, when an accounting period must be changed, and when such choice is limited and alternatives that may be available
• Explain the differing tax effects of cash, accrual and installment accounting methods, with an emphasis on how the timing of income and deductions are determined as well as items that require a specific accounting method
• Determine when an accounting method must be or may be changed, how to obtain the permission of the commissioner to do so, the adjustments that must be made and how the change is reported

Designed For

CPAs who need to recognize the many issues and problems involving taxable years, various elections, and accounting method options. This course is a must for CPAs working in the tax arena.