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Accounting Methods and Form 3115: What You Must Know

ACCOUNTING METHODS AND FORM 3115: WHAT YOU MUST KNOW

Cost Free
Presentation Length 1.0 hour

Recorded DateJanuary 26, 2022
CPE:Not available
(archived webinars do not offer CPE credits)
Subject AreaTaxes
Course LevelBasic
Course Description

Taxpayers adopt new accounting methods to implement valuable tax strategies as well as to remove IRS audit exposure. As a potent tax planning tool, accounting methods help taxpayers implement cost segregation studies and energy efficiency incentives, adopt favorable provisions of the Tangible Property Regulations, and numerous other tax minimization strategies. 

Accounting methods also help taxpayers correct improper methods to eliminate audit risk. This pragmatic course discusses several popular accounting methods and recent tax rule changes as well as provides instruction on completing and filing Form 3115, Application for Change in Accounting Method.

Learning Objectives:


  • Name several popular accounting method changes

  • Calculate the §481(a) adjustment required by changes in accounting methods

  • Record and file Form 3115, Application for Change in Accounting Method

  • Recognize recent tax rule changes and how they apply to accounting methods

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PLEASE NOTE: ARCHIVED WEBINARS DO NOT QUALIFY FOR CPE
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Ics

Alex is the President of ICS Tax, LLC (ICS). His expertise includes fixed asset reviews, cost segregation, the 179D and 45L energy efficiency incentives, accounting methods, research tax credits, and IC-DISC export incentives. Prior to ICS, Alex worked for a decade with several Big Four firms, including Ernst & Young, Deloitte Tax, and PricewaterhouseCoopers. His specialized planning ideas has saved his clients millions in tax dollars. He has given Continuing Professional Education on a variety of tax planning ideas throughout the country. He is published in the AICPA’s Tax Advisor magazine and Accounting Today.

Alex earned a BSBA in accounting from The Ohio State University, a Master of Business Administration from the University of Minnesota, and a law degree from the Tulane School of Law in New Orleans, Louisiana. Alex is a licensed attorney as well as a certified public accountant. He is a Certified Cost Segregation Professional and was elected president and is a certified member of the American Society of Cost Segregation Professionals (ASCSP). In his free time, he is a martial arts instructor in Judo and an avid car enthusiast.

About Our Presenter

Ics

ICS Tax, LLC (ICS) is a consulting firm providing innovative tax planning strategies. ICS performs free preliminary analyses for all service lines while capping fees to guarantee outstanding returns. With its headquarters in Minneapolis, Minnesota and offices throughout the United States, ICS provides service nationwide. We combine top talent and a multidisciplinary approach to assist with Energy Efficiency Incentives (179D/45L), Comprehensive Fixed Asset Reviews, Research & Development Tax Credits, Cost Segregation Studies, IC-DISC Export Incentives, Like-Kind Exchanges (1031), Accounting Methods, and Utility Rebates. With the knowledge of CPAs, engineers and architects, attorneys, HERS raters, and LEED Accredited Professionals, ICS provides fully-developed and complete solutions tailored for each client.