Tax Implications of Changes in Revenue Recognition

Course Details

Date

Wednesday, October 28, 2020

9:30am – 1:00pm (Registration: 9:00am)

Location

Online

Field of Study

Taxation

CPE Credit

4 hours CPE credit

Level of Knowledge

Intermediate

Vendor

CalCPA

Prerequisites

Experience advising clients on tax matters

Description

The changes to revenue recognition under GAAP imposed by ASU 2014-09-Revenue from Contracts with Customers, as amended (ASU 2014-09), in the past would not have affected tax reporting. However, many organizations may wish to attempt to have their tax reporting conform to their now revised financial statement reporting. In addition, changes made to Section 451 by the Tax Cuts and Jobs Act now impose an "at least as rapid" test to ensure revenue is not recognized later for tax than book purposes for income tax purposes for organizations with an "applicable financial statement."
This course looks at how the changes made by ASU 2014-09, either will create a situation where a taxpayer may wish to conform their reporting or where the taxpayer may be required to do so. In cases where a taxpayer wishes to make a change, we'll look at how to determine if the option is available. In addition, we'll look at the mechanics of obtaining IRS permission to change the tax accounting method necessary in all cases.

Highlights

Accounting methods-what is the tax definition?
Revenue recognition under IRC Section 451 for tax purposes
Industries where ASU 2014-09 will significantly change revenue recognition
IRS rulings on accounting method changes due to ASU 2014-09
$25 million accounting method relief enacted by the Tax Cuts and Jobs Act

Objectives

Participants will be able to:
Recognize areas in their business where ASU 2014-09 will cause a divergence from current tax accounting reporting of revenue
Recognize situations where the ASU 2014-09 method will be acceptable tax methods and decide whether to seek permission to change the tax reporting
Understand the revenue conformity rules imposed by the Tax Cuts and Jobs Act and how implementing ASU 2014-09 will impact tax revenue reporting under those rules
Decide, for organizations with revenue less than $25 million, whether to opt for tax basis reporting to avoid revenue conformity requirements

Designed For

Accounting and financial professionals in industry applying the changes to GAAP reporting found in ASU 2014-09, and CPAs in public practice that deal with clients that are implementing ASU 2014-09.

Registration for this course has passed.

Course Pricing

WYOCPA Member Fee
$150.00

Non-Member Fee
$201.00

Your Price
$201.00

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