November 28, 2022


Webinar


8 Total CPE Credits

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Timing Rules for Income Tax Compliance and Planning

Learning Objectives

  • Understand the importance of tax accounting methods in financial reporting, tax compliance and planning.
  • Understand how to identify "small businesses" including the application of the rules on tax shelters and aggregation of gross receipts, and the favorable methods available to small businesses.
  • Determine when both cash and accrual method taxpayers report income and claim deductions.
  • Distinguish between method changes, changes in facts and errors; learn how to make a method change.
  • Understand the special rules for inventory and method changes.
  • Identify when interest capitalization and long-term contract accounting may apply.
  • Identify accounting method differences between federal and California and how to manage them

Major Topics

  • What is a method of accounting, and why is the answer important?
  • How to select and adopt a method of accounting.
  • When can income be reported for both cash and accrual method businesses?
  • When are expenses to be reported for cash and accrual method businesses?
  • How and when to account for inventory.
  • How and when to change a method of accounting.
  • Avoiding accounting method problems.
  • Tax planning ideas.
  • How to avoid problems.
  • California-Federal timing differences
  • Identifying planning opportunities.
  • Relevance of timing rules to the income tax provision for financial reporting.

CPE Credits Available

8
Total CPE
8
Taxes

Things to Know About This Course

Prerequisites

None

Advanced Preparation

None

Intended Audience

CPAs, attorneys and tax professionals.

Provider

California Society of CPAs

This event has ended.