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
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Why Lorman?
Over 39 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 39 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 reviewed on October 31, 2025.
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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More Program Information
Why Lorman?
Over 39 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
Prosperity Partners
- Partner of Prosperity Partners
- Practice focuses on the taxation of high-net-worth individuals and investment entities, including partnerships and S corporations
- Adjunct 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, and NACVA
- M.S. Degree in taxation, Walsh College; B.A. Degree in business administration, University of Michigan-Dearborn
- Can be contacted at [email protected] or 866-717-1607
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Why Lorman?
Over 39 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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