Virtual

Best Practices for Tax Income and Expense Recognition 2023

Date: Oct. 23, 2023

Time: 8 a.m. – 3:30 p.m. PT

CPE: 8

Overview

Understand timing issues under Federal income tax law to maximize client benefits. Review historical antecedents, including US Supreme Court cases and Federal tax rules regarding the timing of income and expenditures. Learn how cash and accrual accounting methods increasingly mirror one another for Federal income tax purposes. Study underutilized planning opportunities to defer income or take advantage of the small business taxpayer exemption. Benefit from the detailed approach to Code and Regulation sections, revenue procedures and court cases.

Product Code
1000002167-119899
Credit Type
CPE: 8
CPE-AA: 8
CPE-Technical: 8
IRS-TX: 8
MCLE: 6.5
MCLE LS-TX: 6.5
Accessibility
Closed Captioning Available
Intended Audience
Tax practitioners, accountants and financial professionals.
NASBA Field of Study
Taxes
Level of Difficulty
Intermediate
Prerequisites
Familiarity with preparing federal income tax returns for individuals or businesses.
Advance Preparation
None

Learning Objectives

Identify and apply statutory provisions of the Internal Revenue Code regarding the timing of income and expenditures, and policies underlying those rules

Determine fundamental principles regarding cash receipts and disbursement methods of accounting

Recognize fundamental principles of the accrual method of accounting

Determine how the cash and accrual methods of accounting for tax purposes have grown toward each other over time

Recognize tax timing planning opportunities and restrictions

Identify the rules governing the use of accounting periods and methods by various taxpayers

Major Subjects

Cash receipts and disbursements method of accounting, including history
Cash method limitations, including tax shelters per IRC Sec. 448(d)(3), 461(i)(3) and 1256(e)(3)
Cash method by small businesses, including Revenue Procedures 2001-10 and 2002-28 NAICS codes
Accrual of income and expenses, including history
Economic Performance and Recurring Item Exception, IRC Sec. 461(h)
Deferral of Certain Advance Payments (Revenue Procedure 2004-34)
Changes made to the above by the 2018 Tax Cuts and Jobs Act

Faculty

David J. Clark

David Clark, JD, CPA, has extensive experience in all facets of tax law with particular emphasis in real estate, family-owned businesses, and complex estate and trust arrangements. His clients appreciate his depth of understanding of the Internal Revenue Code and his practical approach to structuring complex transactions. During Mr. Clark's nine years at Arthur Andersen & Co., his largest clients were closely held corporations involved in the ...

More about David J. Clark

Additional Details

This course was recorded on 7/5/2023. The instructor will be available via the chat feature to answer questions during the presentation.

Best Practices for Tax Income and Expense Recognition 2023

Member

Nonmember

Overview

Product Code

Credit Type

Accessibility

Intended Audience

NASBA Field of Study

Level of Difficulty

Prerequisites

Advance Preparation

Learning Objectives

Major Subjects

Faculty

Additional Details