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Surgent's Changing a Method of Accounting Using the New Form 3115 (CACM)
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For many tax practitioners, the tax rules dealing with a change in a client's accounting method and completing Form 3115 came to prominence when they were wrestling with how to implement the new, final repair regulations for 2014. Changes in methods of accounting encompass this topic, but also address non-repair regulation accounting method changes. This program discusses the change in accounting method topic generally, and focuses on how to make such a change through filing Form 3115.

6/27/2016
When: Monday, June 27, 2016
11:00 AM - 1:00 PM
Where: Webinar/Webcast
United States
Contact: April Deneault
801-466-8022


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Acronym CACM
CPE 2 hours
Category
Taxes
Level Intermediate
Vendor Surgent
Who should attend

In 2016, the IRS issued a new Form 3115, the form taxpayers use to change a method of accounting. This program discusses changing a method of accounting generally, and then focuses on the details of the new Form 3115.

Prerequisite
Basic understanding of the tax rules dealing with individual and business income taxation
Fees: Early Bird
Standard
Member N/A
$89
Non-Member: N/A
$109

The Member rate applies to UACPA members and reciprocal state society members. To register online, use the ‘Register’ button above. To register by phone, call the UACPA at 801.466.8022, Monday through Friday, 8am to 4pm.

Description 
For many tax practitioners, the tax rules dealing with a change in a client's accounting method and completing Form 3115 came to prominence when they were wrestling with how to implement the new, final repair regulations for 2014. Changes in methods of accounting encompass this topic, but also address non-repair regulation accounting method changes. This program discusses the change in accounting method topic generally, and focuses on how to make such a change through filing Form 3115.

Major Topics

  • What is a method of accounting and what is an accounting method change?
  • Automatic and non-automatic changes in a taxpayer’s method of accounting
  • How to prepare and what to disclose on the newly revised Form 3115
  • Transition rules applicable to the old and new versions of Form 3115
  • Impact of an IRS examination on the taxpayer's ability to make accounting method changes
  • Implementing accounting method changes associated with the final repair regulations
  • Calculating and reporting a Section 481(a) adjustment

Objectives

  • Determine if an accounting method change can be implemented automatically or whether it will require the IRS's consent to implement
  • Complete the new Form 3115

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