In 2016, the IRS issued a new Form 3115, the form taxpayers use to change a method of accounting. This program discusses changing a method of accounting generally, and then focuses on the details of the new Form 3115.
- What is a method of accounting and what is an accounting method change?
- Automatic and non-automatic changes in a taxpayer’s method of accounting
- How to prepare and what to disclose on the newly revised Form 3115
- Transition rules applicable to the old and new versions of Form 3115
- Impact of an IRS examination on the taxpayer's ability to make accounting method changes
- Implementing accounting method changes associated with the final repair regulations.
- Calculating and reporting a Section 481(a) adjustment
- Determine if an accounting method change can be implemented automatically or whether it will require the IRS's consent to implement
- Complete the new Form 3115
Who should take this course:
Any tax practitioner who wishes to understand the tax rules relating to accounting method changes.
Basic understanding of the tax rules dealing with individual and business income taxation