November 28, 2022


8 Total CPE Credits


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

Total CPE

Things to Know About This Course



Advanced Preparation


Intended Audience

CPAs, attorneys and tax professionals.


California Society of CPAs

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