The selection and application of accounting periods for tax accounting purposes is important in determining when an item of income, expense or credit enters into the computation of the taxpayer’s income tax.

The taxpayer’s tax accounting period is the time frame within which the tax consequences of the taxpayer’s transactions are examined and reported on the taxpayer’s annual income tax return. Through this course, practitioners should gain a full understanding of the applicable provisions and current developments in the changing area of tax accounting.

Specifically, this course will review the following tax accounting principles:

• the timing and measurement of taxable income;
• permissible accounting periods
• required accounting periods for certain taxpayers;
• changes in accounting periods; and
• the annualization of income

The course will also contain examples, IRS guidance and court decisions that explain tax accounting requirements and will provide Internet links to original source material.