July 28, 2022 8:00am – 3:30pm Map & Directions 602-252-4144

Webcast: Timing Rules for Income Tax Compliance and Planning

Online registrations are currently closed, please call (602) 324-6847 for additional registration options

Description

Master the key tax accounting rules and concepts. Timing rules are crucial knowledge for computing taxable income, tax planning and accounting for income tax. Discover favorable methods for small businesses. Learn 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. Tax planning ideas and the relevance of tax timing rules to the income tax provision for financial accounting are covered. Formerly titled: Tax Accounting Methods .

Location

ASCPA Live Online Webcast
Phoenix, AZ 85034-6617

Registration Time

7:30am

Fees

Member:
$300
Non-CPA Staff:
$400
Non-CPA Staff (100% club):
$300
Non-CPA Staff (sole proprietor):
$300
Non-Member:
$400
Webcast
Taxation
8

Objectives

  • Understand the importance of tax accounting methods in financial reporting, tax compliance and planning.
  • Understand how to identify "small businesses" including the 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.
  • Identify accounting method differences between federal and California and how to manage them

Course Level

Beginning

Vendor

CalCPA Education Foundation More With This Vendor

Designed For

CPAs, attorneys and tax professionals.

Prerequisites

None

Highlights

  • What is a method of accounting, and why is the answer important?
  • How to select and adopt a method of accounting.
  • When can income be reported for both cash and accrual method businesses?
  • When are expenses to be reported for cash and accrual method businesses?
  • How and when to account for inventory.
  • How and when to change a method of accounting.
  • Avoiding accounting method problems.
  • Tax planning ideas.
  • How to avoid problems.
  • California-Federal timing differences
  • Identifying planning opportunities.
  • Relevance of timing rules to the income tax provision for financial reporting.

Notes

None

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