CCH Learning Center

Description:

The selection and application of accounting methods for tax accounting purposes is important in determining when an item of income, expense or credit enters into the computation of the taxpayer’s income tax. The taxpayer’s tax accounting method is used in conjunction with his annual accounting period and will be used to determine the timing of most income and expense items.

This course reviews the tax law that governs accounting methods, and the affect of changing accounting methods on taxpayers. It contains examples, IRS guidance, and court decisions that explain tax accounting requirements.

The course also contains tax planning strategies that will benefit practitioners in helping their clients to select the most advantageous tax accounting methods that are permitted. Topics covered include:

• Primary accounting methods, including permissible accounting methods
• Modifying doctrines and other exceptions to income reporting rules
• Choosing a method of accounting; and
• Change in accounting method