What is a method of accounting and how and why should it ever be changed? Often when we find an error on a return, we think the solution is amending the return. But if a method is involved a different solution is required. Also, the TCJA allows more favorable accounting methods for small businesses. To change from a pre-TCJA method to a new permissible one, a change in method and Form 3115 is required.
This session will:
Explain the change in method process, rationale, and practice tips.
Learn to recognize a method and how to change it if desired or required.
Learn how to compute a Section 481(a) adjustment and complete Form 3115 to change an accounting method.