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Accounting Methods under the IRC and How they Can Help You
- Establish an accounting method
- Determine different accounting methods that are available
- Learn the impact of major accounting method changes
- Change accounting methods
- Determine changes under the Tax Cuts and Jobs Act.
Overview of the webinar
In this practical webinar, you will learn what tax accounting methods are and how they can have a major impact on income. The Internal Revenue Code provides great flexibility for taxpayers selecting different accounting methods. These can vary from overall accounting methods (cash v. accrual) to smaller things like how to account for inventory. This webinar will highlight how to establish an accounting method and how to change one as well.
Who should attend?
- CPA
- Attorney
- Board of Directors
- CEOs
- CFOs
- Tax Professionals
- Tax Compliance Officers
- Private Bankers
- Tax Analysts
- Controllers
- Accounting Professionals
- EA
- Bookkeepers
Why should you attend?
Accounting methods are one of the more complex areas of taxation. However, almost every decision that will hit a tax return in some way or another either impacts an accounting method, is due to an accounting method or could be a change in accounting method.
The Tax Cuts and Jobs Act also allows for 4 new accounting method changes. With accounting methods, you have the chance to greatly change what income or expenses are in any given year. Therefore, it is highly important to get a firm grasp of accounting methods for taxes.
Faculty - Mr.Nick Preusch CPA, JD, LLM
Nick Preusch CPA, JD, LLM, is a tax manager with PBMares, LLP. Nick has participated in helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, non-for-profit tax issues, and tax ethics issues.
Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, University of Connecticut with a MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties and Circular 230 Enforcement, published by Thomson Reuters. He has lectured nationally on topics such as ethics, complex tax transactions and IRS practice and procedure.
Currently Nick is an adjunct professor at the University of Mary Washington. Nick has been recognized as the Top 5 Under 35 CPAs in Virginia by the VSCPA in 2017 and CPA Practice Advisor’s Top 40 Under 40. He is a member of the VSCPA’s Tax Advisory Committee and Ethics Committee, and the AICPA’s Tax Practice and Responsibilities Committee.