Revenue Recognition: Update and Refresher (scheduled webinar)

  • Credits: 4
  • Format: Scheduled Webinar
  • Field of Study: Federal Tax Update
  • Author/Speaker: Sheldon Clark
Course ID: Advanced Preparation: Experience Level:
EWTFM-U-01807-21-O | 6233-CE-0513 None Overview
Published Date: Program Prerequisites: Other Course Formats:
May 2021 Basic knowledge of applicable Financial Statements Video | Audio | OnDemand Webinar
COURSE DESCRIPTION

This 4-hour webcast is designed to provide knowledge of IRC Section451 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)
  • Practitioners who need to be aware of the provision in the TCJA with respect to recognition of revenue no later than the tax year in which such revenue is taken into account on the applicable financial statement or another a financial statement under various rules

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