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.
More Program Information
Why Lorman?
Over 33 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
More Program Information
Why Lorman?
Over 33 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.
More Program Information
Why Lorman?
Over 33 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]
More Program Information
Why Lorman?
Over 33 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.
All of your training, right here at Lorman.
Pay once and get a full year of unlimited training in any format, any time!
- Live Webinars
- OnDemand Webinars
- MP3 Downloads
- Course Manuals
- Audio Recordings*
- Executive Reports
- White Papers and Articles
- Sponsored Live Webinars
Additional benefits include:
- State Specific Credit Tracker
- Members Only Newsletter
- All-Access Pass Course Concierge
* For audio recordings you only pay shipping
Questions? Call 877-296-2169 to speak with a real person.
Access to all training products for one year
$699/year
Unlimited Lorman Training
With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!
Easy Registrations
Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.
Invest in Yourself
You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.
