NEW! (Updated for the Tax Cuts and Jobs Act) 4-Hour Program
WHY ATTEND THIS COURSE?
The changes to revenue recognition under GAAP imposed by ASU 2014-09— Revenue from Contracts with Customers, as amended (ASU 2014-09), normally would not directly impact tax reporting. However, many organizations may wish to attempt to have their tax reporting conform to their now revised financial statement reporting. In addition, changes made to §451 by the Tax Cuts and Jobs Act now impose an “at least as rapid” test to ensure revenue is not recognized later for tax than book purposes for income tax purposes.
This course looks at how the changes made by ASU 2014-09, either will create a situation where a taxpayer may wish to conform their reporting or where the taxpayer may be required to do so. In cases where a taxpayer wishes to make a change, we’ll look at how to determine if the option is available. In addition, we’ll look at the mechanics of obtaining IRS permission to change the tax accounting method necessary in all cases.
CPAs in industry applying the changes to GAAP reporting found in ASU 2014-09, and CPAs in public practice that deal with clients that are implementing ASU 2014-09.
Participants will be able to:
COURSE ACRONYM: TINR4
PRESENTATION METHOD: Group-live
LEVEL OF KNOWLEDGE: Intermediate
ADVANCE PREPARATION: None
FIELD OF STUDY: Taxes
RECOMMENDED CPE CREDIT: 4 hours
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.