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Kaplan University School of Professional and Continuing Education Kaplan University School of Professional and Continuing Education

Accounting Methods as a Tax Planning Service: Filing Form 3115 to Save Taxes After the Tax Cuts and Jobs Act (AMTP)

8-Hour Program

WHY ATTEND THIS COURSE?

The Tax Cuts and Jobs Act has created a major tax planning opportunity for advisers that work with small businesses, but to take advantage of those opportunities requires an understanding of the issues involved with accounting methods. This course will allow you to take advantage of the new opportunities for businesses with less than $25 million in revenue and compute the often large benefit to a client of making these tax planning changes. But the Tax Cuts and Jobs Act provisions aren’t the only opportunity in the tax planning area—this course will explore other opportunities as well.

CPAs must also recognize opportunities to save the client money or solve problems for clients who have not been using required methods to correct problems more favorably than having the IRS correct the problem on exam.

DESIGNED FOR...

CPAs with tax planning responsibilities for business enterprises. May also be suitable
for public practice/industry.

OBJECTIVE

Participants will be able to:

  • Evaluate a client’s existing accounting methods
  • Prepare timely, complete, and correct Forms 3115 to inform the IRS of one or more accounting method changes for the client’s benefit

MAJOR SUBJECTS

  • Automatic and non-automatic method of accounting change procedures; required documentation and time for filing Form 3115
  • The current annual consolidated automatic changes; required documentation and time for filing Form 3115
  • Detailed “how to” for many frequently encountered accounting method changes
    • Tax Cuts and Jobs Act small taxpayer accounting method changes
    • Depreciation and amortization
    • Taxable year of inclusion: advance payments, retainages, financial statement conformity
    • Taxable year of deduction: self-insured medical benefits, real property taxes, rebates,
    • Liabilities for services and insurance, gift cards issued as refunds for returned goods
    • Repairs and costs of acquiring tangible property
  • Calculation and timing of Section 481(a) “spread period” adjustment

COURSE ACRONYM: AMTP

PRESENTATION METHOD: Group-live

LEVEL OF KNOWLEDGE: Intermediate

PREREQUISITES:

  • None

ADVANCE PREPARATION: None

FIELD OF STUDY: Taxes/Special Tax Matters

RECOMMENDED CPE CREDIT: 8 hours


CPE Sponsor icon

SmartPros®, A Kaplan Company and Loscalzo Institute, A Kaplan Company are registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.