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New IRC 448 Accounting Method Rules for Small Businesses

Gain a better understanding of the new IRC 448 Accounting Method Rules for small businesses.

The timing of income and expense recognition is an essential element of cash tax planning for your company. A thorough accounting methods review can help you identify current opportunities to defer recognition of revenue and/or to accelerate expense deductions. Regardless of financial and operating status, you can utilize accounting method changes to create cash benefits that reduce your current tax expense and increase cash flow. Learn more about Accounting Method Rules for small businesses including: cash to accrual, accrual to cash, uniform capitalization rules, depreciation method, accelerated expense recognition and more.

Runtime: 100 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

What Is an Accounting Method?

  • Timing
  • Adoption of a Method
  • Consequences of Adopting a Method

Changing a Method of Accounting

  • Incentives to Change a Method of Accounting
  • General Application Procedures
    • Automatic Changes
    • NonAutomatic Changes

Small Business Taxpayer

  • Tax Shelters
  • Accrual to Cash
  • Unicap
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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 June 5, 2019.

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

  • Enrolled Agents 2.0
     
  • This program qualifies for 2.0 hours of Continuing Education Credit for enrolled agents under Treasury Department Circular #230 Section 10.6(g).
     

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

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

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

Andrew R. Kosoy, CPA

Andrew R. Kosoy, CPA

Cherry Bekaert

  • Senior manager on the credits & accounting methods team within Cherry Bekaert’s specialty tax group
  • Has provided federal income tax planning, business advisory, and consulting services throughout the southeast for more than 11 years; the companies he has served span various industries, including manufacturing, retail, hospitality and travel, logistics, medical and pharmaceuticals, law services, banking, sports and entertainment, real estate and construction, textiles, automotive, and consumer products
  • Leveraging his diverse background and experience, he provides value to clients in a variety of areas including data analysis, managing relationships, leading project teams, and targeting and developing new business opportunities
  • One of the firm leaders with regard to the new Section 199A pass-through deduction and has significant experience with tax consulting projects and studies related to the research and development tax credit, tax accounting methods, revenue and expense recognition, fixed assets and depreciation, and the meals and entertainment deduction
  • Successfully worked with the IRS relating to the examination of these credits and deductions and the filing of tax accounting method changes
  • Prior to joining Cherry Bekaert, he spent nearly 10 years with Big Four accounting firms based out of Atlanta and South Florida, as well as a stint with a top 20 national firm
  • Specialties/areas of expertise include Federal and State Research and Development Tax Credits; Revenue and Expense Recognition; Section 199A Pass-Through Deduction; Tax Accounting Methods and Fixed Assets and Depreciation
  • Professional Involvement includes American Institute of Certified Public Accountants (AICPA) and Georgia Society of Certified Public Accountants (GSCPA)
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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: 404986
Published 2019
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