Changing Accounting Methods Using Form 3115 Webinar
When your clients have accounting method questions, they’ll often turn to you. The Tax Cuts and Jobs Act (TCJA) added several provisions that could require a change in accounting methods, such as expanding the availability of the cash method and exempting small businesses from the requirement to maintain inventory. In addition, claiming missed depreciation can be considered an accounting method change. This webinar covers properly reporting accounting method changes to the IRS and how to complete Form 3115.
Upon completion of this course, you will be able to:
- Identify accounting method changes
- Summarize the accounting method changes eligible small businesses can make under the TCJA
- Determine when Form 3115 must be filed or if an amended return can be filed
- Distinguish between automatic and non-automatic accounting method changes
- Compute the §481(a) adjustment and claim in the appropriate year(s)
- Complete Form 3115 to claim missed depreciation
- Prepare Form 3115 for a small business taxpayer changing from the accrual method to the cash method using the reduced filing requirement in Rev. Proc. 2018-40
- Determine how to handle inventory when a small business taxpayer uses the cash method
Subject matter experts will answer your questions during the presentation. We make every effort to answer as many questions as possible during the webinar but we may not be able to directly address every question.
This webinar includes the presentation slides, attendee top questions and access to the webinar recording.
Laura Strombom, EA, MBA, NTPI Fellow