Accounting Methods, Form 3115, and Tax Reform: What You Must Know (ACAM)


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Discussion Leader
Alex Bagne

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Accounting Methods, Form 3115, and Tax Reform: What You Must Know (ACAM)

Customer Rating

Field of Study

Taxes

Level

Basic

Credits

1

Qualifies For

CPE

Overview

Taxpayers adopt new accounting methods to implement valuable tax strategies as well as to remove IRS audit exposure or maintain compliance. As a tax planning tool, accounting methods help taxpayers implement cost segregation studies and energy efficiency incentives, adopt favorable provisions of the Tangible Property Regulations, and numerous other tax minimization strategies. With a lowering of tax rates for 2018, many smart taxpayers and tax professionals are using accounting methods to accelerate deductions into 2017 when they are more valuable. Accounting methods also help taxpayers correct improper methods to eliminate audit risk, as well as to comply with the tax code, such as a required change from the cash to the accrual method.

Major Topics

  • Understanding accounting methods
  • Why and how to change accounting methods
  • Forms necessary to make an accounting method change
  • Related rules and regulations

Learning Objectives

  • Understand several popular accounting method changes
  • Discuss recent tax rule changes
  • Complete and file Form 3115, Application for Change in Accounting Method

Designed For

Tax professionals and taxpayers at all levels of tax compliance knowledge, especially those looking to reduce tax liabilities for their clients or themselves due to recent changes in tax rules and rates

Prerequisite

None

Advanced Preparation

None


'
Discussion Leader
Alex Bagne

No Future Events exist.
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