Tax Cuts & Jobs Act: Accounting Method Changes / Inventories [CMI]

Nov 25, 2019
Time: 08:00am-11:30am

Subject:

Taxation

Credit Hours:

4.00

Price:

Member: $150.00
Non-member: $225.00

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Discussion Leader: Greg White, CPA

Website registration for this course closes on November 18, 2019. To register after this date please contact the society at akcpa@ak.net or 907-562-4334.

Full Description

Tax Cuts & Jobs Act: Accounting Method Changes: Can Your Clients Switch to the Cash Method & Stop Keeping Inventories? (CMI)

November 25, 2019

Westmark Fairbanks Hotel
813 Noble Street
Fairbanks, AK

LATE REGISTRATION POLICY
For registrations received less than 21 days from the course date will be charged a late fee of $50 for each 8 hour course and $25 for each 4 hour course and $12.50 for each 2 hour course.

Youve got a small grocery store as a client Does the new Tax Cuts and Jobs Act allow them to write off all inventory as they pay for it? Does the new tax act allow you to write off the costs of remodeling a rental property? Well cover these topics and more in a lively class on accounting method changes under the new law.

Major Topics:
- Inventory methods.
- De minimis rules relating to remodels of property.
- Capitalization of self-constructed assets.
- Cash method of accounting.

Learning Objectives:
- Determine how to apply the new QuickBooks inventory method.
- Learn the new nonincidental supplies inventory method.
- Learn which clients can switch to the cash method.
- Determine how to treat costs of self-constructed assets under the Tax Cuts and Jobs Act.
- Apply the de minimis rules as affected by the Tax Cuts and Jobs Act.
- Determine which clients are tax shelters and therefore unable to use the new accounting methods.

Designed For: CPAs and CPA aspirants in public practice and tax staff in private practice who have some experience with tax preparation.

CPE Credits: 4, Taxation

Level of Knowledge: Intermediate

Prerequisite: Some knowledge of accounting methods

Acronym: CMI

Discussion Leader: Greg White, CPA