The Tax Cuts and Jobs Act of 2017 liberalized the use of certain methods of accounting for qualified small businesses for 2018 and later years. This program is a two-hour intensive webinar on these provisions.
Tax practitioners who anticipate advising clients with respect to accounting method changes resulting from the Tax Cuts and Jobs Act of 2017.
Understand the new rules relating to the ability of an eligible small business to use a more favorable method(s) of accounting resulting from changes made by the Tax Cuts and Jobs Act of 2017.
- Eligibility for the cash method of accounting
- Taxpayers no longer bound to follow the Uniform Capitalization Rules under Section 263A
- Taxpayers eligible to use the completed contract method of accounting
- How to change a method of accounting to take advantage of these new rules
A basic understanding of the tax rules relating to individual income tax.