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

  • Format Live Seminar
  • Credits 8
  • Level Intermediate
  • Field of Study Taxes (8)

To register for a live seminar, visit the sponsoring state society’s website.

See Locations for this Course

Overview

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

Major Topics

  • Accounting periods: when you get a choice, and when you don’t, for business entities
  • Cash, accrual and installment methods: how they work, when they can be used, when they can’t be used, and special exceptions
  • General principles: constructive receipt, economic benefit, and economic performance
  • Advanced payments and receipt issues, including gift cards, prepayments, warranties, and recent regulations
  • Special methods of accounting: capitalization and depreciation
  • Changing methods of accounting and accounting periods: annualization, Form 3115, and §481(a) adjustments
  • Recognizing loss and deductions that are limited in various related party transactions

Learning 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 the tax effects of cash, accrual and installment accounting methods, with an emphasis 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 change, how to obtain the permission of the commissioner to do so, the adjustments that must be made and how the change is reported

Who should take this course:


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

Basic familiarity with tax rules relating to individual taxation

None

Yes

No

No

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