- NY Credits : 3.0
- TX Credits : 3.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 3.0
Tax Accounting Methods and Periods
Every taxpayer must use a consistent accounting method to figure taxable income and must figure taxable income on the basis of an annual accounting period. This course describes accounting methods such as cash, accrual, installment sales, long-term contracts, and inventory. Accounting periods covered include calendar, fiscal, and 52-53 week years. It also includes the procedures to be used when requesting a change in accounting method or period. This course has been updated to include changes made to the tax law due to the Tax Cuts and Jobs Act. This basic level course is most beneficial to professionals new to tax accounting methods and periods who may be at staff or entry level but may also benefit experienced professionals with limited exposure to this topic.
Upon successful completion of this course, the user should be able to:
identify cash and accrual methods of accounting,
recognize other specific methods of tax accounting, and
determine tax accounting methods and periods.