Becoming a Tax Ninja: Tax Accounting Methods Part 1
Author: Greg White
| 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 hands-on, real-life examples and filled-out Forms 3115.
Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2029 to receive credits. NOTE: Go to My Professional Profile in your CCH CPELink account settings to ensure your name, and PTIN number; matches your PTIN card
Publication Date: April 2026
Topics Covered
- Accounting method rules and the statute of limitations
- The "four-year" spread for "positive" accounting method adjustments
- Distinguishing between elections and accounting method changes
Learning Objectives
- Recognize whether the accounting method rules override the statute of limitations
- Recognize how to compute the "four-year" spread for "positive" accounting method adjustments
- Identify "automatic" accounting method changes
- Recognize how to compute section 481(a) adjustments
- Identify how this can result in large current write-offs
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
None
Advance Preparation
None
