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Course/Product Description
Title:

Evaluating Accounting Method Changes After the New Final Repair Regulations

SKU:WC-1013362
Date / Time: Recorded
Format: Webinar
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Description:

This webinar will help accounting and tax professionals understand the standards, essential concepts and rules, latest guidance, potential pitfalls, and reporting challenges related to changes in accounting methods, particularly in weighing a methods change to take advantage of IRC 263(a) final repair regulations.

Description
The strategy and processes for reporting a change in accounting methods for federal tax purposes are ever changing. The recent finalized "repair regulations" coupled with new IRS guidance bring new challenges. Accounting and tax professionals face significant hurdles in accounting method change intricacies imposed by Subchapter E and Sections 441 through 483.

Beyond the strategic planning, calculations and decision-making on whether to change accounting methods, accurately completing Form 3115 can trip up even the most experienced tax professional. The number of times the form can be used to change accounting methods, advance-change requests, Sect. 481(a) adjustments, and changes to the cash method are just a few examples of the difficult issues.

Our panel will offer their experiences and best practices to help accounting and tax professionals understand the impact of using the recently issued "repair regulations" and how to properly report changes in accounting methods on Form 3115. Anticipating the most serious and costly mistakes is key to avoiding problems and penalties relating to changing accounting methods.

Listen as our panel of experienced accounting and tax professionals helps you make tough decisions when it comes to changes in accounting methods and prepares you to accurately report any changes on Form 3115.

Outline
Applicable regulations and guidance
Subchapter E
Sections 441 through 483
Rev. Procs. culminating with Rev. Proc. 2011-14
Final Sect. 381(c) regulations
Latest developments
Impact of recently released "repair regulations"
New methods to obtain automatic consent
2013 revisions to Form 3115 guidance
Procedures for filing Form 3115
Difficult decisions faced in reporting
Timing for filing form
Timing of Sect. 481 catch-up

Benefits
The panel will review these and other key issues:

  • Current definitions of accounting methods
  • Change of accounting method issues
  • Consequences of making an impermissible method change
  • Procedures for filing Form 3115 or making a Sect. 481 "catch-up" adjustment
  • Compliance pitfalls in completing Form 3115

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Upon completing this seminar, you will have a much deeper familiarity with the material terms for reporting changes in accounting methods as well as the latest IRS guidance and the impact of the new "repair regulations." You will learn the key compliance issues in completing Form 3115.

Faculty
Ellen McElroy, Partner
Pepper Hamilton, Washington, D.C.
She works on a broad variety of taxpayer issues involving both accounting methods and inventories. She has worked on accounting methods for large corporate clients, and with the IRS Office of Special Counsel (Legislation). She chairs the ABA Tax Accounting Committee and previously chaired its Capitalization Subcommittee.


Credits Available

This program has been approved for 2.0 CPE hours through Strafford Publications. CPE Credit is available only for the LIVE webcast. Recorded versions do not qualify for credit.

Strafford is 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.

Processing

To obtain CPE credit, attendees must participate in the live event, return an Official Record of Attendance to Strafford affirming their participation (including the CPE code announced during the program), and pay a processing fee of $35 per person.

Credit Confirmation

Strafford will mail a certificate of credit within approximately 2 weeks of receiving an attendee's completed Official Record of Attendance—provided all required conditions have been satisfied.


Delivery

Handout materials and the phone number for live presentations are made available to you 1 day prior to the event via email from the presenter. Copies of the presentations are included with recorded versions.

If you order a recorded version of the webinar, CD's will be mailed out approximately 10 days after the live event. Shipping is included in the price of recorded versions.




Cannot Attend The Live Presentation?

This presentation is also available in a recorded format, in CD version, as shown in the pricing options below.

About Webcasts / Audio Conferences / Podcasts:

Webcasts, audio conferences, and podcasts are presentations that you attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.

The live versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back at work immediately after the session ends!

And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous times and to share it with others in your office.

Handout materials and the phone number for live presentations are made available to you prior to the event via email from the presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.

About The Provider: Strafford Publications, Inc. is 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 addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417 or by visiting their website.

Strafford webinars and teleconferences offer an excellent opportunity to train your entire staff—with no lost travel time or expenses. They are extremely cost-effective—allowing an unlimited number of people at your location to listen from a single line at no additional charge.

Each live seminar features presentations by a panel of nationally recognized authorities, followed by an interactive Q&A session. Presentation materials can be viewed online or printed out. Audio can be accessed via the web or a telephone.
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