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This webcast is part of the Tax Staff Essentials program. This webcast provides you with an overview of the factors to consider when determining the proper accounting method. You will work through detailed examples involving both court rulings and client examples for specific industries. Then, the webcast discusses accounting periods and considerations for changes in the accounting period of an entity. Lastly, you will be provided with a case study and example tax forms to highlight how to identify which IRS Revenue Procedures are applicable to a given client situation, as well as how and when to prepare the Form 3115.
Recognize when the use of the cash method is appropriate.~Understand and apply the basic rules for a change in accounting method.~Choose a proper accounting period under the federal tax rules.~Identify which IRS Revenue Procedure(s) provides the guidance for a given scenario for a taxpayer to change their accounting method with the IRS.~Prepare the Federal Form 3115 – Application for Change in Accounting Method and understand how and when this form should be filed by the taxpayer.
What constitutes a method
Cash versus accrual
Automatic changes
Changes needing permission
When and how to change a method
How to account for the change in method
Three to five years of tax experience
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