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2021 76th Annual Conference

TUES02 - Income Tax Accounting Methods Strategy in Anticipation of Legislative Changes

Oct 26, 2021 9:45am ‐ Oct 26, 2021 10:45am


Accounting methods and elections are available to taxpayers (e.g., business entities) to optimize their tax attributes. Given the increasing likelihood that Congress will enact significant business tax reform legislation this year, taxpayers have an opportunity to strategically consider available methods and elections in the current taxable year.

After this session, participants will be able to:

  1. Distinguish among elections, accounting methods, and changes in facts
  2. Identify accounting method changes to increase income or optimize tax attributesĀ 
  3. Understand the practical and procedural considerations relevant to the timing of estimated payments, and interaction with state considerations
  4. Identify elections available annually to optimize tax attributes
  5. Recognize potential impacts to financial reporting




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