Uniform Capitalization Rules IRC §263A Overview (Completed)
Date: Monday, May 12, 2014
Instructor: Gary Markowitz
| Begin Time: |
12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time |
| CPE Credit: |
2 hours for CPAs
2 hours Federal Tax Related for EAs and OTRPs
2 hours Federal Tax Law for CTEC |
|
This webcast will address issues that tax return preparers and taxpayers' representatives may not understand when considering inventories for tax purposes. Examples will reference Schedule A of Form 1120.
Who Should Attend
Tax practitioners at all levels, regardless of tax practice, who want an overview of the Uniform Capitalization Rules (UNICAP) under IRC §263A.
This course will help familiarize you and make you more comfortable when working on this important tax issue involving inventories for tax purposes.
Learning Objectives
- Gain an understanding of the general rule under §263A
- Understand the difference between §471 and §263A
- Learn about "includible costs"
- Learn how to calculate ending inventory and cost of goods sold under §263A
- Identify direct costs
- Identify indirect costs
- Identify mixed service costs
- Digest an overview of the UNICAP regulations
- Gain an understanding of IRS' procedures when auditing the UNICAP issue
- Increase your general knowledge in this important business issue for tax purposes.
Level
Intermediate
Instructional Method
Group: Internet-based
NASBA Field of Study
Taxes (2 hours)
Program Prerequisites
Experience/knowledge of inventory issues under IRC §471.
Advance Preparation
None
