AICPA's Tax Staff Essentials, Level 2 – Experienced Staff
This comprehensive, integrated curriculum provides tax training for four different experience levels – New Staff (Level 1), Experienced Staff (Level 2); Tax Senior/Supervisor (Level 3); and Tax Manager/ Director (Level 4).
This course is part of Tax Staff Essentials, Level 2 – Experienced Staff. Designed for junior tax staff who want to take on a wider variety of firm engagements and establish a supervisory role within the firm. The Tax Staff Essentials courses establish a strong set of skills necessary to grow the abilities and confidence of junior and senior level staff, allowing them to work with greater independence and expand their role in your firm
This course will provide you with an overview of the various factors considered for the determination of the proper accounting method (such as cash, accrual) and provides detailed examples of court rulings and client examples (for specific industries) involving each.
- What constitutes a method
- Cash versus accrual
- Automatic changes
- Changes needing permission
- When and how to change a method
- How to account for the change in method
When you complete this course you will be able to:
- Recognize when the use of the cash method is appropriate.
- Understand and apply the basic rules for a change in accounting method.
- Choose a proper accounting period under the federal tax rules.
- Identify which IRS Revenue Procedure(s) provides the guidance for a given scenario for a taxpayer to change their accounting method with the IRS.
- Prepare the Federal Form 3115 – Application for Change in Accounting Method and understand how and when this form should be filed by the taxpayer.
Prerequisite: Two to four years of tax experience
Advanced Preparation: None