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Beneficial Accounting Method Changes Available for 2020 and After (AMET)

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Self-Study SELECT STARTING AT $49 (On Demand)

On-Demand Webcast

Credits: 2

Qualifies For: IRS CPE

$49
Extremely Relevant
Daniel

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Beneficial Accounting Method Changes Available for 2020 and After (AMET)

  • Customer Rating
    (7)
  • Field of Study
    Taxes
  • Level
    Basic
  • Credits
    2
  • Qualifies for

    IRS CPE

Overview

The Tax Cuts and Jobs Act of 2017 liberalized the use of certain methods of accounting for qualified small- and medium-sized businesses for 2018 and later years. This program is a two-hour intensive webinar on the more favorable accounting method choices available to small- and medium-sized businesses for 2020 and after.

Major Topics:

  • Converting to the cash method of accounting
  • Abandoning the Uniform Capitalization Rules under §263A
  • Treating inventories as nonincidental materials and supplies or use an inventory method that conforms to the business’s financial accounting treatment of inventories
  • Taxpayers eligible to use the completed contract method of accounting for long-term contracts
  • Avoiding the application of §§451(b) and 451(c)
  • How to change a method of accounting to take advantage of more favorable methods of accounting in 2020
  • Section 481 adjustments for change of methods

Learning Objectives

  • Understand the new rules relating to the ability of an eligible small- or medium-sized business to use a more favorable method(s) of accounting available as a result of changes made by the Tax Cuts and Jobs Act

Designed for:

Tax practitioners who anticipate advising clients with respect to more favorable accounting method changes available in 2020

Prerequisite:

A basic understanding of the tax rules relating to individual income tax

Advanced Preparation:

None

Interested in bringing this course into your firm?

PRIVATE WEBINARS AND LIVE ON-SITE COURSES ARE AVAILABLE. LEARN MORE.
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