Tax accounting methods and changes have certainly had heightened awareness and importance to tax practitioners over the past few years. The IRS continues to focus its audit eyes on whether taxpayers are employing the proper tax accounting methods and has adopted the required tax accounting methods where dictated. A prime example of this is the tangible property regulations. Beyond required method changes, tax practitioners should also adapt client tax methods to the ones that provide the best possible deferrals. In this session, tax accounting method expert and author Eric Wallace CPA will focus on the “need to know” including: the must change (i.e. required) current and recent tax accounting method changes, the “no-no’s”, and the best “non-required” tax method changes.
CRE “need to know” required must change tax methods
The latest news on IRS allowed and not allowed – their “target” list
Best non-required method changes
IRS governing documents on method changes
Current and latest change in tax accounting methods developments
Non-exclusive list of accounting method issue areas commonly encountered by IRS examiners
Concurrent verses simultaneous Form 3115 method changes
Review of the most recent 3115 with a CRE example completed form as a handout
What the typical 3115 package should include
How method change differences are taken into account.
Distinguish between CRE method changes that the IRS will allow, and those that it will not
Gain ideas on CRE method changes that offer good and consistent deferrals
Learn how to complete an example CRE method change IRS filing