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Guidance on Accounting Method Changes

Make sure you are up to date on the latest revisions to the tax accounting method change procedures.

Changes to the tax laws can make accounting method changes desirable for competitive businesses. Trying to comply with regulations is essential to a successful accounting method change. Since changes in accounting methods happen infrequently and have complex reporting requirements, knowing the proper procedures can mean the difference between a smooth accounting change and one wrought with issues and potential failure. This presentation will help you understand when you have a change in accounting methods. Additionally, you will learn the necessary procedures to follow to comply with reporting the change.

Learning Objectives

  • You will be able to recognize small business criteria for changes in accounting methods.
  • You will be able to recognize the proper way to make non-automatic changes in accounting methods.
  • You will be able to identify automatic changes in accounting methods.
  • You will be able to identify changes in voluntary and involuntary changes

100 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 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

Introduction to Accounting Changes

  • What Is and Is Not a Change in Accounting Method
  • Non-Automatic Changes vs. Automatic Changes
  • Voluntarily Changes vs. Involuntary Changes

The Proper Way to Make Non-Automatic Changes

  • Form 3115, Application for Change in Accounting Method
  • Section 481A, Adjustments Required by Changes in the Method of Accounting
  • Sources of Guidance for Accounting Changes

Automatic Changes Because of TCJA

  • Small Business Taxpayers Changing to Overrule Cash Method Under §448
  • Small Business Taxpayers Exceptions to Account for Inventory Under §471
  • Small Business Taxpayers Exceptions to Capitalize Costs Under 263A
  • Small Business Taxpayers Exceptions to Account for Long-Term Contracts Under §460

Recent Accounting Method Changes

  • Accounting Method Changes for Cfcs Alternative Depreciation System Rev Proc 2021-26
  • Accrual Method, the Timing of Income Recognition Rev Proc 2021-34
  • Accounting for Original Issue Discount on a Pool of Credit Card Receivables Rev Proc 2021-35

Administrative Consideration for Accounting Method Changes

  • When the Changes Are Effective
  • Short Year Considerations
  • Where and When to File and Extensions of Time
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Why Lorman?

Over 35 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 January 21, 2022.

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

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • CPE/NASBA - QAS Self Study 2.8 including Accounting 2.8
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Accounting for 2.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     

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

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Why Lorman?

Over 35 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

John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST

John T. Alfonsi, CPA/ABV/CFF, CFE, CVA, MST

Cendrowski Corporate Advisors

  • Managing director of Cendrowski Corporate Advisors
  • Practice is focused on the taxation of high-net-worth individuals and investment entities, including partnerships and S corporations
  • Adjunct assistant professor at Walsh College, where he teaches courses in their Masters of Science in Taxation program (partnership taxation and tax accounting)
  • Recognized valuation and economic damages expert in federal and various state circuit courts
  • Frequent speaker for the Michigan Association of Certified Public Accountants on topics covering taxation, business valuation, and forensic accounting
  • Member of the AICPA, MICPA, ACFE, NACVA, and MVCA
  • M.S. degree in taxation; B.A. degree in business administration, University of Michigan - Dearborn
  • Can be contacted at 866-717-1607 or [email protected]
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Over 35 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: 409406
Published 2022
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