The Tax Impact of a Change in Accounting Method FLEXCAST

Overview

This course offers a comprehensive examination of the tax impact of changes in accounting methods, tailored for practitioners seeking to optimize their advisory skills. Led by expert Mark Seid, the class begins by clarifying the pivotal distinction between a Change in Accounting Method (CIMA) and error correction, a differentiation that can significantly influence tax outcomes. Participants in this course will gain expertise in the technicalities of filing Form 3115, including detailed guidance on the necessary and optional items to include, enhancing accuracy and compliance. Furthermore, the course explores the broadened scope for accounting method changes under the Tax Cuts and Jobs Act (TCJA), presenting new opportunities for tax planning. The course culminates with a focus on IRS audits related to accounting method changes, providing insights that will empower practitioners to navigate audits with confidence and strategic foresight.

Highlights

Tax impact. Tax terms. Internal revenue code. Treasury regulations. Internal revenue manual.

Prerequisites

None.

Designed For

CPAs, EA’s, and other tax professionals.

Objectives

CIMA versus error correction. Filing Form 3115. Completing Form 3115. Gross receipts test under TCJA. IRS audits.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.