Objective
- Understand the new rules relating to the ability of an eligible small business to use a more favorable method(s) of accounting resulting from changes made by the Tax Cuts and Jobs Act of 2017
Highlights
- Eligibility for the cash method of accounting
- Taxpayers no longer bound to follow the Uniform Capitalization Rules under Section 263A
- Taxpayers eligible to use the completed contract method of accounting
- How to change a method of accounting to take advantage of these new rules
Designed For
Tax practitioners who anticipate advising clients with respect to accounting method changes resulting from the Tax Cuts and Jobs Act of 2017Prerequisite
A basic understanding of the tax rules relating to individual income taxAdvanced Preparation
None