MORNING SESSION: This course provides participants 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. Then, the course discusses accounting periods, and considerations for changes in the accounting period of an entity. Lastly, there is a case study and example tax forms to highlight how to identify which IRS Revenue Procedures
are applicable to a given client situation, as well as how and when to prepare
the Form 3115.
AFTERNOON SESSION: This course will cover best practices for your firm to protect firm and client data. In the event that a breach does occur, learn the steps to take to remedy the situation and prevent the problem from happening again.
DESIGNED FOR
Tax professionals in public accounting: seniors, supervisors, and managers. Tax professionals within corporate finance or tax departments.
BENEFITS
- Review the requirements for internal controls over technology required by the 2013 COSO Framework on Internal Controls and review internal controls that can help prevent and detect cyber frauds, including data breaches
- Understand the ramifications of data loss and how it impacts the practitioner and the client
HIGHLIGHTS
MORNING SESSION (8:30am-12:00pm): Accounting Methods and Periods: Including Form 3115
- Recognize when the use of the cash method is appropriate
- 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
AFTERNOON SESSION (1:00-4:30pm): Protecting Your Client from Tax Return
- Recognize the dangers of data theft
- Recognize the legal requirements of protecting taxpayer information
- Identify best practices to protect taxpayer information
- Arm your practice with tips and tricks to become an ally to your clients
COURSE LEVEL
Intermediate
PREREQUISITES
Three to five years of tax experience.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- Half-day options include lunch (12:00-1:00pm).
- This course does not qualify for the AICPA discount.
Help Feed Those in Need- The NJCPA Emerging Leaders Council is hosting a Food Drive to benefit the Community FoodBank of New Jersey. Please bring your nonperishable items and canned goods to this event. Peanut butter and tuna fish are always needed.