IRC 451(b) and Revenue Recognition: Proposed Regulations, Changes in Accounting Method, Special Accounting Methods
Recording of a 110-minute CPE webinar with Q&A
This course will assist tax practitioners in complying with Section 451(b) and its required inclusion of income, not later than for financial accounting purposes, in tax returns for businesses. Our panel will explain the proposed regulations, applicable financial statements, special accounting methods, recognizing revenue, changing accounting methods, and the relativity of implementing Topic 606 with this code section.
- 451(b): an overview
- Topic 606, Revenue from Contracts with Customers
- Proposed Section 1.451-3 regulations
- Advance payments under 451(c)
- Changes in accounting method
- Best practices
The panel will review these and other critical issues:
- What is an applicable financial statement?
- What businesses are impacted by 451(b)?
- What is a special method of accounting?
- Which companies qualify for the streamlined method change?
- How do accrual-basis businesses avoid income inclusion under 451(b)?
Senior Manager - Washington National Tax
As part of RSM’s Washington National Tax practice, Mr. Corcoran specializes in federal accounting methods areas... | Read More
As part of RSM’s Washington National Tax practice, Mr. Corcoran specializes in federal accounting methods areas such as capitalization, depreciation, and income and expense recognition. He also assists offices in the firm with questions related to accounting periods and has experience with analyzing and reviewing existing accounting methods for compliance and optimization.Close
Tax Managing Director
Ms. Messner's work has focused on consulting on federal tax accounting issues including accounting methods, timing... | Read More
Ms. Messner's work has focused on consulting on federal tax accounting issues including accounting methods, timing provisions governing income and expense recognition, accounting period issues, and IRS procedures on changes in accounting methods and periods. She has over 20 years of experience with Big Four firms.Close
David Strong, CPA
Mr. Strong is a leader in the delivery of tax accounting services related to inventory valuation, accounting method... | Read More
Mr. Strong is a leader in the delivery of tax accounting services related to inventory valuation, accounting method issues, tax controversy, and corporate planning and consultation. He has more than 20 years of experience and specializes in monitoring legislative and regulatory changes for communication to firm management. Mr. Strong has also worked extensively with both publicly traded and privately held companies providing tax compliance and consulting services.Close