The Tax Cuts and Jobs Act (the Act) was enacted in December of 2017, ushering in a period of change – and uncertainty – in federal tax laws impacting large and small taxpayers alike. The corporate tax hallmark of the Act is a massive tax rate decrease from a maximum rate of 35% to a flat rate of 21% for periods beginning after December 31, 2017. This paradigm shift creates an unprecedented opportunity for business taxpayers to create permanent, meaningful tax savings through the effective utilization of tax accounting method changes.
In addition to falling tax rates, the Act introduced simplifying rules which make it possible for certain small taxpayers to apply potentially-favorable tax accounting methods in the following areas:
- Overall cash method of accounting
- Accounting for inventories and inventory costs
Long-term construction and manufacturing contracts
In this session, we will discuss the tax accounting methods implications of the Act as well as some recent updates to IRS guidance surrounding method changes. We hope you’ll join us to learn how businesses can effectively leverage tax accounting methods to “get real” – real tax savings!
CPE Credit: 1 hour, pending approval
Delivery Format: Group Internet Based (each attendee must be logged in and answer the poll questions in order to receive CPE credit)
Prerequisites/Advanced Preparation: Basic knowledge of accounting and tax concepts
Course Level: Beginner and Intermediate
Participants: Tax executives and professionals
Learning Objectives: Educate participants on tax accounting methods implications of the Act as well as some recent updates to IRS guidance surrounding method changes
Policies: There will be no refunds issued as this is event is complimentary. If you have any questions regarding administrative policies such as registration or cancellation, please contact Kristin.Kitchens@dhg.com.
Questions: Please direct any CPE related questions to DHGU@dhg.com.
Dixon Hughes Goodman LLP is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through the web site: www.nasbaregistry.org/.