Revenue Recognition: Update and Refresher (ondemand)

  • Credits: 4
  •  
  • Format: OnDemand® Webinar
  • Field of Study: Federal Tax Update
  • Author/Speaker: Sheldon Clark 
*Content Preview
Available Formats:        
Advanced Preparation: None
Experience Level: Overview
Program Prerequisites: Basic knowledge of applicable Financial Statements
Course ID: EWTFM-U-01807-21-O | 6233-CE-0513
Published Date: © June 2021

COURSE DESCRIPTION

This 4-hour webcast is designed to provide knowledge of IRC §451 and modification of accounting method rules relating to revenue recognition per the Tax Cuts and Jobs Act (TCJA) of 2017.

Topics include:
  • Overview
  • General rules for including amounts in income
  • Tax treatment of advanced payments
  • Tax treatment of prepaid dues
  • Accounting for the redemption of trading stamps and coupons
  • The tax year of deductions
  • Taxpayers subject to AFS income inclusion rules
  • Transactions treated differently for federal income tax and AFS purposes
  • Interaction with income inclusion rules with exclusion provision and non-recognition transactions
  • Economic performance
  • Applicable financial statement
  • Various other information

Learning Objectives:

After reading the course material, you will be able to:

  • Provide the tax practitioner with the latest rules for revenue recognition.
  • Provide the tax practitioner with proposed regulations dealing with revenue recognition.

Who Should Attend:
  • All Certified Public Accountants (CPAs)
  • Enrolled Agents (EAs)
  • Tax Return Preparers (TRPs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorship’s:
NASBA
IRS
CTEC