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Tax Reform Updates To The Cash Method Of Accounting Agenda

Webinar: ID# 1036654

Agenda

Cash vs. Accrual
  • Changes in the Thresholds to $25,000,000 (IRC §448(c))

  • Calculating the Threshold – Gross Receipts Test

  • Threshold Indexed

  • Who Can Switch – Limitations

  • When to Consider Switching

  • Procedure Switching to Accrual to Cash If Threshold Met

  • Filling Form 3115

  • Dealing With Adjustments From the Change

  • Conformity With GAAP and Financial Statement

Effect on Inventories
  • UNICAP (§§263A)

  • IRC §471

  • IRC §471 Conformity With Financial Statements

Percentage of Completion Method vs. Completed Contract Method IRC §460
  • If Switching From Percentage of Completion to Completed Contract What Issues Arise

  • Applied on a Cut off Basis

  • 481(a) Adjustments

Depreciation
  • Bonus Depreciation

  • Automobiles -280F and 168(k) Rev Procedure 2019-13 Safe Harbor

  • Dealing With State Tax Refunds – Rev. Rul. 2019-11

  • Section 199A and Depreciation Issues in Arriving at QBAI

163(j) Where Are We Now? Is More Guidance on the Way?
FASB Income Tax Disclosure Requirements
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Tax Reform Updates To The Cash Method Of Accounting
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