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Tax Reform Updates to the Cash Method of Accounting

Gain a better understanding of the benefits of converting to the Cash method of Accounting if the income thresholds are met and important provisions that deserve review and consideration.

Many businesses and business owners have been focusing on the recent Tax Act's effects on tax rates and net income. Many of the more important provisions that deserve review and consideration are those affecting tax accounting for contracts, inventories and the benefits for smaller businesses to switch to the cash method of accounting. For businesses with qualifying gross receipts of $25,000,000 or less (indexed for inflation) and for those who advise such businesses, obtaining a better understanding of the benefits of the cash method can provide substantial fiscal benefits.

Runtime: 98 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Cash vs. Accrual

  • Changes in the Thresholds to $25,000,000 (IRC §448(c))
  • Calculating the Threshold - Gross Receipts Test
  • Threshold Indexed
  • Who Can Switch - Limitations
  • When to Consider Switching
  • Procedure Switching to Accrual to Cash If Threshold Met
  • Filling Form 3115
  • Dealing With Adjustments From the Change
  • Conformity With GAAP and Financial Statement

Effect on Inventories

  • UNICAP (§§263A)
  • IRC §471
  • IRC §471 Conformity With Financial Statements

Percentage of Completion Method vs. Completed Contract Method IRC §460

  • If Switching From Percentage of Completion to Completed Contract What Issues Arise
  • Applied on a Cut off Basis
  • 481(a) Adjustments

Depreciation

  • Bonus Depreciation
  • Automobiles -280F and 168(k) Rev Proc 2019-13 Safe Harbor
  • Dealing With State Tax Refunds - Rev. Rul. 2019-11
  • Section 199A and Depreciation Issues in Arriving at QBAI

163(j) Where Are We Now? Is More Guidance on the Way?

FASB Income Tax Disclosure Requirements

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on August 12, 2019.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Kevin Carmichael, MS, JD, LLM, CPA

Kevin Carmichael, MS, JD, LLM, CPA

Wood, Buckel & Carmichael, PLLC

  • Tax partner with the Naples office of Wood, Buckel & Carmichael, PLLC
  • Practice focuses primarily on matters concerning business entity and business succession law, federal and state taxation, international tax and tax controversy, not-for-profit law and tax and estate planning
  • Works with a number of businesses in the construction, tech and real estate industries on business, tax, structuring, governance, M&A and succession planning issues
  • Founding director of the Center for Great Apes in Wauchula Florida and recently stepped down as chairman after serving for 12 years
  • Has a great deal of legal, accounting and governance experience as a director, officer and advisor of not for profit organizations
  • Served on the board of directors of the Association of Graduates of the United States Air Force Academy and the board of governors of the Florida Institute of Certified Public Accountants
  • Taught business law and cost accounting as an adjunct professor at Florida Gulf Coast University for 6 years; also taught income tax law at Ave Maria Law School in the Spring of 2012, corporate tax in 2013 and partnership tax in the Spring of 2014-2016 and exempt organization tax law in the fall of 2014
  • Admitted to practice before the U.S. District Court for the Middle and Southern Districts of Florida, the U.S. Claims Court and the U.S. Tax Court
  • Certified Public Accountant and a member of the Florida Institute of Certified Public Accountants
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 402203
Published 2019
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