S27-Form 3115: When It's Time for a Change in Method of Accounting

Friday, June 28 | 8:00 am - 9:40 am
Track: Business
     2 hours Federal Tax Law (EA, CRTP, OTRP)
     2 hours Taxes/Tax Planning (CPA, CFP)
     1.75 hours Taxation Law (Attorney – CA Bar MCLE)
     2 hours (CSEA/NAEA)
Speaker: Mark F. Seid, EA, CPA, USTCP

Description: TCJA greatly increased the gross receipts level for using the cash method of accounting. Many small business clients will want to take advantage of the simpler method of accounting. Find out who is qualified for this change and how to make the election. This session  also reviews the most common changes in accounting method. Through detailed examples attendees will learn how to properly complete Form 3115, which items are necessary and those that should be skipped, how to calculate and present IRC § 481(a) adjustments, the required attachments under the latest revenue procedure, and recently revised filing instructions.

Learning Objectives:
1. Identify the difference between a change in accounting method and a correction of an error
2. Learn when and how to file (and e-file) Form 3115 and the importance of timing
3. Recognize when to limit the information included on Form 3115 and what to skip entirely
4. Understand the new gross receipts test for using the cash method

Learning Level: Intermediate

Prerequisites: None

Advanced Preparation: None