Becoming a Tax Ninja: Tax Accounting Methods Part 3

Author: Greg White

Per the IRS Education Provider Standards this course must be COMPLETED by 12/31/2026 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

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.

Publication Date: October 2023

Topics Covered

• Repairs vs capitalizing expenditure as fixed asset
• Depreciation mistakes
• Annual elections don't require Form 3115
• Super fast cost recovery

Learning Objectives

• Recognize how to prepare Forms 3115
• Identify clients who can generate large current deductions from accounting method changes
• Identify the impact of the allowed or allowable rule on clients
• Identify the approximate cost of a questionnaire cost segregation study
• Identify the last year you can go back to when making certain reclassification through Form 3115

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
None

Advance Preparation
None