Tax Cuts and Jobs Act: Accounting Method Changes: Switch to Cash Method and Not Keep Inventory? (Completed)

Can You Reduce Tax Accounting Headaches for Your Clients or Business?

In this two-hour CPE webinar, experienced tax educator Greg White, CPA, will review whether it might be better for specific clients to switch to a cash accounting method and avoid the complicated inventory accounting that can make tax time a nightmare for some businesses. Be a hero to your clients and help them simplify their accounting methods and better keep track of their tax picture.

Who Should Attend
CPAs, EAs, tax staff and those who have some experience with tax preparation

Topics Covered

• Inventory methods
• De minimis rules relating to remodels of property
• Capitalization of self-constructed assets
• Cash method of accounting

Learning Objectives

• Determine how to apply the new "QuickBooks" inventory method
• Recognize the new "nonincidental supplies" inventory method
• Differentiate which clients can switch to the cash method
• Determine how to treat costs of self-constructed assets under the Tax Cuts and Jobs Act of 2017
• Identify and apply the de minimis rules as affected by the Tax Cuts and Jobs Act
• Determine which clients are "tax shelters" and therefore unable to use the new accounting methods.

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Taxes (2 hours)

Program Prerequisites
Basic understanding of tax accounting methods and federal income tax concepts.

Advance Preparation
None