CCH Learning Center

Description:
The selection and application of accounting periods 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 period is the time frame within which the tax consequences of the taxpayer's transactions are examined and reported on the taxpayer's annual income tax return.

This course covers permissible accounting periods, required accounting periods for certain taxpayers, the effect of changing accounting periods, short tax years, and annualizing methods.

The course also contains tax planning tips that will benefit practitioners in helping their clients select the most advantageous accounting period.

Specifically, this course will review the following tax accounting principles:

• permissible accounting periods
• restrictions on the use of fiscal years
• changes in accounting periods; and
• the annualization of income

The course will also contain examples, IRS guidance and court decisions that explain tax accounting requirements and will provide Internet links to original source material.