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.
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Why Lorman?
Over 34 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 34 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 Course
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.
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Why Lorman?
Over 34 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, M.S., J.D., LL.M., CPA
Wood, Buckel and Carmichael, PLLC
- Tax partner with the Naples office of Wood, Buckel and Carmichael, PLLC
- 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
- Practice focuses primarily on matters concerning business entity law and taxation, federal and state taxation, international tax and tax controversy, not-for-profit entities and taxation, estate planning and business succession planning
- Taught business law and cost accounting as an adjunct professor at Florida Gulf Coast University for 6 years
- Teaching income, partnership, corporation, and not-for-profit tax law at Ave Maria Law School
- Can be contacted at 239-552-4100 or [email protected]
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Why Lorman?
Over 34 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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