Accounting methods and elections are available to taxpayers (e.g., business entities) to optimize their tax attributes. Given the increasing likelihood that Congress will enact significant business tax reform legislation this year, taxpayers have an opportunity to strategically consider available methods and elections in the current taxable year.
After this session, participants will be able to:
Distinguish among elections, accounting methods, and changes in facts
Identify accounting method changes to increase income or optimize tax attributes
Understand the practical and procedural considerations relevant to the timing of estimated payments, and interaction with state considerations
Identify elections available annually to optimize tax attributes
Recognize potential impacts to financial reporting