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
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