Tax Accounting Methods Webcast | 4192242D

Date :
November 1, 2019 8:30 AM - 4:00 PM
Location :
Webcast
Facility :
Webcast Rebroadcast
Level of Difficulty :
Basic
Member Price :
295.00
Nonmember Price :
400.00
CPE Credits :
CPE 8.00, MCLE 6.50, IRS-TX 8.00, CTEC-TX 8.00
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Quickly get up to speed on key tax accounting rules and concepts. Learn more about favorable methods for small businesses and how to select and adopt a method of accounting. Plus, review method vs. error, timing rules for income and expenses and inventory accounting. Examples and exercises are used throughout the course to illustrate relevant Internal Revenue Code, regulations, IRS rulings and court cases. In addition, review tax planning ideas and its relevance to the income tax provision for financial accounting.

Objectives:

  • Understand the importance of tax accounting methods in financial reporting, tax compliance and planning.
  • Understand how to identify "small businesses" including application of the rules on tax shelters and aggregation of gross receipts, and the favorable methods available to small businesses. 
  • Determine when both cash and accrual method taxpayers report income and claim deductions.
  • Distinguish between method changes, changes in facts and errors; learn how to make a method change.
  • Understand the special rules for inventory and method changes.
  • Identify when interest capitalization and long-term contract accounting may apply.

Major Subjects:

  • What is a method of accounting, and why is the answer important?
  • How to select and adopt a method of accounting
  • When is income to be reported for both cash and accrual method businesses?
  • When are expenses to be reported for both cash and accrual method businesses?
  • How and when to account for inventory
  • How and when to change a method of accounting
  • Avoiding accounting method problems
  • Identifying planning opportunities
  • Relevance to income tax provision for financial reporting

Advanced Prep:

None.

Misc. Information:

This course will adjourn at 4 p.m.

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Level of Difficulty:
Basic
Field of Interest:
Taxes
Prerequisites:

None.

Designed For:

CPAs, attorneys and tax professionals.

Instructors

Annette Nellen, CGMA, Esq, Esq.

Annette Nellen, CPA, CGMA, Esq., is a professor in and director of San Jose State University’s graduate tax program (MST), teaching courses in tax research, accounting methods, property transactions, employment tax, ethics, leadership, and tax policy. Nellen chairs the AICPA Tax Executive Committee and serves on the AICPA Tax Reform Task Force. She is a former chair of the ABA Tax Section’s Sales, Exchanges & Basis Committee and past member of the California Bar Taxation Section’s Executive Committee. She is the recipient of the 2013 Arthur J. Dixon Memorial Award given by the Tax Division of the AICPA, the highest award given by the accounting profession in the area of taxation.

Nellen is the author of Bloomberg BNA Tax Portfolio #533, Amortization of Intangibles, and the Bloomberg BNA Internet Law Resource Center’s portfolio, Overview of Internet Taxation Issues. She is an editor and author for the Southwestern Federal Taxation textbooks, and is a regular contributor for the AICPA Tax Insider and Tax Analyst’s State Tax Notes’ “Moving Forward?” column. She is a frequent speaker on tax updates, tax ethics, new economy tax matters, and tax reform. Nellen maintains the 21st Century Taxation website and blog, as well as several websites on tax reform, state tax nexus, e-commerce taxation, and virtual currency/blockchain taxation. She has testified before the House Ways & Means Committee, Senate Finance Committee, California Assembly Revenue & Taxation Committee, and tax reform commissions and committees on various aspects of federal and state tax reform. In 2015, she was appointed to the Advisory Council to the Executive Director of the California Board of Equalization for a two-year term. Nellen is a graduate of CSU Northridge (bachelor’s degree in accounting), Pepperdine (master of business administration), and Loyola Law School (juris doctor degree). Prior to joining SJSU in 1990, she was with Ernst & Young and the IRS.

No Agenda or Materials posted.