Making the Most of Small Taxpayer Simplified Inventory and Tax Accounting Methods - Salt Lake City

Course Description
Historically, businesses producing products do not deduct the cost of inventory until products are sold. A new feature of tax reform allows certain businesses to deduct significant elements of inventory much sooner--either when purchased or when used. Additionally, businesses may be able to avoid some of the onerous inventory calculations that have previously been required for tax purposes. This opportunity requires an accounting method change to be filed with the IRS. Eligible businesses must have gross receipts under $25 million dollars.

Come find out more about recent developments in the area of accounting methods and periods and learn what manufacturing businesses are doing to assure they are making the most of their revenue and expense recognition methods and the opportunities arising from tax reform.

Learning Objectives:

Outline the accounting methods and periods issues faced by manufacturers
Discuss current trends, developments and opportunities
Review the process and requirements for adopting and changing of accounting methods applications
Presenters:
Andrea Mouw, JD, CPA, Partner
Andrea has more than 12 years of tax experience including federal, state, and international tax issues. She provides technical analysis and assists clients in resolving accounting method issues related to income and expense recognition, capitalization, cost recovery and inventories, including identifying and adopting appropriate accounting methods and filing accounting method change requests (Form 3115). Andrea also provides guidance regarding the Section 199 domestic manufacturing deduction and is familiar with the rules regarding the taxation of financial products and alternative investments.

Brad Poll, MAcc, CPA, Partner
Brad provides strategy planning and compliance and consulting services for corporations, partnerships and small business owners. He has experience with the Employee Retirement Income Security Act of 1974 retirement administration. He works with clients to identify opportunities such as research and development studies and cost segregation studies. Brad implements tax strategies to save thousands in taxes for clients through goal setting and planning.

CPE Information:
CPE Credits: 1
Field of Study: Taxes 
Level of Knowledge: Basic
Delivery Method: In-Person Group Session

Additional Information: 
This is a live-group seminar. No prerequisites or advanced preparation required. For information regarding refund, complaint and program cancellation policies, please contact Jason McKeever at 701.476.8773.