Learn How to Select and Apply the Right Tax Accounting Method
The old adage "timing is everything" certainly holds true in tax accounting, computing income accurately and filing correct returns. The selection and application of accounting methods for tax accounting purposes is important in determining when and how an item of income, gain, loss, expense, deduction or credit enters into the computation of the taxpayer's income tax-and can have a tremendous impact on the bottom line of a business. While certain taxpayers are required to use a particular accounting method for certain receipts, different accounting methods may be used for others as long as the method is used consistently and clearly reflects income. However, properly determining when and how to account for an item of income or expense can often be a difficult task.
On Thursday, September 11th you can learn directly from a seasoned tax practitioner and author about this critical and complex topic. In this two-hour practice-oriented audio seminar, Jim Kehl, CPA will review the rules, requirements, issues and opportunities with tax accounting methods and he will share his personal experiences on how to help clients improve their bottom lines with the right selection and application of tax accounting method. Through real-world examples, you'll learn what accounting methods are permissible, how to apply the constructive receipt of income doctrine and the economic performance rules, what the best choice of tax accounting method is for different business scenarios, and more. Time will be provided for you to speak directly with Mr. Kehl and get his answers and guidance to your tax accounting method questions and issues.
Program Topics
Jim Kehl will discuss important tax accounting method rules, considerations, issues and opportunities, including:
Cash Receipts and Disbursements Method-Rules, Requirements, Exceptions
Constructive Receipt
Revenue Recognition
Rules for Materials and Supplies
Small Taxpayer Exception under Rev. Proc. 2001-10
Taxpayers Prohibited from Using the Cash Basis Method of Accounting
Taxpayers Permitted to Use the Cash Basis under Rev. Proc. 2002-28
Inventory Rule
Prepaid Interest Rule
Accrual Method of Accounting-Rules, Requirements, Exceptions
Economic Performance Rules
Recurring Item Exception to the Economic Performance Rules
Tax Accounting Method and Choice of Business Entity
Special Considerations for Construction Contractors
Practical Planning Tips and Suggestions for Choosing a Tax Accounting Method, and More!
Learning Objectives
Obtain a practical understanding of fundamental rules regarding the initial decision to select an accounting method
Know the economic performance rules and how to determine when a liability has been incurred
Understand the impact of the type of entity on the choice of accounting method
Answer questions regarding tax accounting methods with accuracy and confidence
Who Should Attend
All tax return preparers, enrolled agents, accountants, tax managers, controllers, financial analysts, attorneys and other professionals who advise businesses on tax and financial matters will benefit from this practical review.
Register today for this insightful program on Thursday, September 11 at 1 PM Eastern, Noon Central; 10 AM Pacific.
SPECIAL BONUS-each registered site will also get a free COPY of CCH's U.S. Master Tax Guide
About the Speaker:
James M. Kehl, CPA is a CPA with Mister, Burton, Palmisano & French, LLC, an accounting firm located in Hunt Valley, Maryland. Jim has more than 35 years of public accounting experience with a concentration on taxation. He is the author of the just-released Code Section 199 Compliance and Planning Manual and the Practical Guide to the Sec. 199 Deduction, both published by CCH.
He is also the author of several tax articles, including analysis of the Sec. 199 manufacturing deduction in CCH's TAXES: The Tax Magazine and Journal of Passthrough Entities. While at a Big Eight firm earlier in his career, Jim also developed an internal firm-wide manual on Section 1031 exchanges.
He has been the instructor for several CCH audio seminars on Code Sec. 199, partnerships and S corporations, and return preparation, and he has taught courses on a variety of tax topics for numerous professional societies and private firms. Jim received a B.A. in accounting from Loyola College of Baltimore and his Masters of Science in Taxation from the University of Baltimore.
How the Audio Seminar Works
CCH's live audio seminars require nothing more than a telephone connection. For the single per-site fee, you can have an unlimited number of listeners at your site participate, get up to speed and in-the-know on important topics, and get special bonus publications included with the seminar. Handout materials are provided in PDF format that you can download and copy for all those who will participate in the seminar at your location.
Practice Development Tip! Invite colleagues, business referral sources, clients and prospects to your office to listen in and participate on this seminar with you. They'll appreciate your invitation to hear directly about this important topic.
If you are unable to attend this upcoming event and would like to order a recording-or if you would like to order recordings of past CCH Audio Seminars, please visit the CCH Audio Seminar Archive Library today.
Pricing:
Site License: $249 - Registration includes one telephone connection at one location, one master set of handouts (with permission to make additional copies for the participants at your location), an unlimited number of people in one listening room can participate, and one seminar bonus publication per registered site. ($25 CPE fee additional for each person wishing to receive a CPE certificate for their participation.)
CD Recording: $249 - The CD includes an audio recording of the event and handout materials in PDF format. Includes copy of seminar bonus publication with purchase. Available one week after the live audio seminar event. (Note: CPE credit is not available for the CD version of the presentation.)
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