Accounting Methods: Overview of Establishing, Implementing, and Changing Methods

This course is designed to provide tax professionals with a thorough understanding of the various accounting methods and their applications, ensuring you stay ahead in the ever-evolving landscape of tax regulations. 

Listen as our panel of accounting methods experts explains the nuances of accounting methods so that tax advisers and businesses can mitigate unexpected tax consequences and minimize tax liability. 

1. Technical overview of accounting methods
   1. General framework for tax treatment
   2. General rules for overall accounting methods
   3. General rules for revenue recognition (Section 451)
   4. General rules for expense recognition (Section 461)
   5. Special accounting methods
   6. Capitalization provisions
2. Procedural considerations of accounting methods
   1. How is a method established?
   2. Adopting a new method
   3. Other considerations
3. Hot Topics in Accounting Methods
   1. Overall method changes
   2. Revenue recognition opportunities
   3. Prepaid payment liabilities
   4. Current landscape

The panel will review these and other key issues:

• How do accounting methods play a role tax strategy?
• How to implement a change in accounting method
• What should taxpayers and practitioners consider during the planning and implementation process?

After completing this course, you will be able to:

• Identify common accounting methods

• Determine how an accounting method is adopted

• Ascertain expense deduction rules under Section 461

• Decide when a change in accounting method should be considered

• Field of Study: Taxes
• Level of Knowledge: Intermediate
• Advance Preparation: None
• Teaching Method: Seminar/Lecture
• Delivery Method: Group-Internet (via computer)
• Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
• Prerequisite:

  Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of individual income taxation, including itemized deductions, individual income tax credits, net operating loss limitations including carrybacks and carryforwards.

  
  

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).