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Changing Accounting Methods Using Form 3115 On-Demand Webinar

Summary

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.

Objectives

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

Course Details

This on-demand webinar includes the presentation slides, exam questions, recording of the webinar broadcast with review questions, and attendee top questions. CPE is issued after exam is successfully completed.






   

Presented by: Laura Strombom, EA, MBA, NTPI Fellow

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