- NY Credits : 2.0
- TX Credits : 2.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 2.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 2.0
Many people think of the cash or accrual method when they think of a method of accounting. However, the IRS defines a method of accounting as the treatment of any material item that does not permanently affect lifetime income. Under this broad definition, many changes in tax treatment that taxpayers might wish to make are classified as changes in accounting method, and require following procedures for obtaining permission for such a change. Furthermore, the IRS has broad powers, not subject to any statute of limitations, to make "adjustments" to income under I.R.C. section 481 when a taxpayer has used an incorrect accounting method. This webinar will explain what constitutes a change in accounting method and what does not, the procedures that taxpayers must follow to obtain permission for a change in accounting method, and the rules relating to adjustments under I.R.C. section 481. Participants will have a chance to test their understanding with realistic hypothetical factual problems.
THIS WEBINAR IS NOT ELIGIBLE FOR CTEC CREDIT.
Instructor: Jennifer Kowal, JD
Instructor assignments are fluid and subject to change.
*“Latest available version” includes versions released within the past six-months