Becoming a Tax Ninja: Tax Accounting Methods Part 2 (Completed)

Date: Friday, September 30, 2022
Instructor: Greg White
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC

This is a hands-on approach to unleashing large deductions for your clients, and helping your clients avoid significant tax risks before they mushroom into major tax issues. Buried deep in the Internal Revenue Code are the mysteries of accounting methods. These have traditionally been to exclusive province of only large accounting firms; you can bring this critical tax tool to your clients.

We’ll cover the big issues, and how to make these changes with hand-on, real-life examples and filled-out Forms 3115.

Topics Covered

  • Changes in accounting methods for small businesses (< $26 million in trailing gross receipts)
    • Accrual to cash
    • No longer computing inventories
    • No longer using section 263A
  • Identifying tax shelters that can prevent taxpayers from qualifying as "small businesses."
  • Switching from cash to accrual
    • This saves some companies money

Learning Objectives

  • Identify accounting method changes available for small businesses
  • Identify businesses that are better served by using the accrual method
  • Identify tax shelters including 35% syndicates
  • Identify benefits and burdens of using the cash method


Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites

Advance Preparation

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