This program discusses how a taxpayer can change a method of accounting generally, and focuses on how to complete Form 3115 in order to make an accounting method change.
- What is a method of accounting?
- What is an accounting method change?
- The difference between automatic and non-automatic changes in a taxpayer’s method of accounting
- How to prepare and what to disclose on the Form 3115
- Impact of an IRS examination on the taxpayer's ability to make accounting method changes
- Calculating and reporting a Section 481(a) adjustment
- Determine if an accounting method change can be implemented automatically or whether it will require the IRS's consent to implement
- Complete the Form 3115
Any tax practitioner who wishes to understand the tax rules relating to accounting method changes
Basic understanding of the tax rules dealing with individual and business income taxation