- 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. The course also includes the procedures to be used when requesting a change in accounting method or period.
Upon successful completion of Tax Accounting Methods and Periods, 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.