Recognizing Accounting Method Changes & Effects

Authored by Jennifer Kowal
About this Course
Topics covered include: Definition of accounting method; Rules for when changes in accounting method are permitted; How to make Section 481 adjustments to account for accounting method changes; Change in accounting method vs. error correction; Distinguish between an error correction allowing tax return amendment vs. change in accounting method; Definition of change in accounting method and mechanics of implementing an accounting method change. Upon completing this course, you should be able to: Distinguish between an error correction allowing tax return amendment vs. change in accounting method; Identify the definition of change in accounting method and mechanics of implementing an accounting method change; Describe accounting method; Recognize rules for when changes in accounting method are permitted; Identify how to make section 481 adjustments to account for accounting method changes; Differentiate between change in accounting method vs. error correction; Differentiate between an error correction allowing tax return amendment vs. change in accounting method; Identify the definition of change in accounting method and mechanics of implementing an accounting method change; Identify tests with respect to selection of an accounting method; Recognize which form is required to file in order for a taxpayer to obtain consent regarding a change in accounting method; Differentiate statements with respect to obtaining permission from the Commissions for an accounting method change; Identify the type of of accounting method changes does the IRS generally not provide any audit protection; Describe proper statements with respect to a Section 481 adjustment; Recognize correct statements regarding error corrections, changes in accounting methods, and the cut-off method.
$ 30.00
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NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
2.0
Prerequisites
A basic understanding of accounting methods, including cash and accrual.
Last Updated
07/02/2018
14069