Tax Cuts and Jobs Act: Accounting Method Changes: Switch to Cash Method and Not Keep Inventory?

Authored by Greg White
About this Course
Topics covered include: Tax Cuts and Jobs Act: Accounting Method Changes; Forthcoming Guidance; Section 481 Adjustments; The 'Fixer'; Accounting Methods; Cash Method; After TCJA: Capitalizing Costs; Self-constructed Assets; Contractors Completed Contract Method; Income Acceleration: Audited Financials; Accrual Method: Advance Payments; The De minimis Change & Basics; De minimis Required Book Conformity; Improvements and the De Minimis Rules; Two Hurdles; $25 Million Rule Grouping: Commonly Controlled Businesses; Aggregation of Gross Receipts: Combined Groups; Aggregation of Gross Receipts: Other Aggregation; Prohibited from TCJA Accounting Methods; Dr. Wallace and the Tax Shelter; Sammy Davis, Jr. and TCJA; It's Never 'Too Late'. . .To Make an Accounting Method Change. Upon completing this course, you should be able to: Determine how to apply the new 'QuickBooks' inventory method; Identify the new 'nonincidental supplies' inventory method; Recognize which clients can switch to the cash method; Differentiate how to treat costs of self-constructed assets under the Tax Cuts and Jobs Act of 2017; Recognize and apply the de minimis rules as affected by the Tax Cuts and Jobs Act; Describe which clients are 'tax shelters' and therefore unable to use the new accounting methods; Describe what small business must do under TCJA; Identify which code section can help solve the problem of double-counting income that results from a business switching to the cash method of accounting; Recognize true statements regarding Form 3115; Describe Revenue Procedure 2004-34; Identify true statements regarding the de minimis election; Describe how accounting methods relate; Recognize the provisions the TCJA effected on a 'cut off' basis; Identify when the accounting method changes under the TCJA are effective for tax years; Describe de minimis rules for property improvements; Describe court rulings where statute of limitations does not apply to accounting methods; Recognize the definition of a tax shelter and how it results to TCJA; Differentiate which accounting method changes which won't require a Code Sec. 481a adjustment.
$ 68.00
Course is unavailable for purchase.
NASBA Field of Study
Taxes
Level
Intermediate
CPE Credits
2.0
Prerequisites
Basic understanding of tax accounting methods and federal income tax concepts.
Last Updated
08/30/2018
14323