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.
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.
Applicable regulations and guidance
Sections 441 through 483
Rev. Procs. culminating with Rev. Proc. 2011-14
Final Sect. 381(c) regulations
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
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.
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.
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.
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.
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.
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.