Stanley Barsky summarizes the issues that taxpayers should consider in determining whether and how to change a method of accounting.

Taxpayers don’t always use correct tax accounting methods, and taxpayers also don’t always use the most advantageous tax accounting methods. These failures are often attributable to complexities of the tax accounting rules. When a taxpayer discovers that a particular method of accounting is erroneous and/or is not the most advantageous method of accounting, the taxpayer will inevitably ask its advisors whether it can or must change the current method and, if so, how.

Looking to earn CPE while learning more about these new regs?

Tax Accounting Methods (3rd Edition)
(CCH Learning Center, 3 CPE)
Tax Accounting: Inventories (3rd Edition)
(CCH Learning Center, 3 CPE)
Tax Accounting Periods (3rd Edition)
(CCH Learning Center, 2 CPE)
Depreciation Course (2011 Edition)
(CCH Learning Center, 6 CPE)
Expensing and Bonus Depreciation: Dealing with Sunsets
(CCH Learning Center, 3 CPE)
Capitalizing Intangibles: New Rules (2nd Edition)
(CCH Learning Center, 3 CPE)
Amortization Rules (3rd Edition)
(CCH Learning Center, 2 CPE)


Recordings of related CCH Seminars

Accounting Method Changes Under the Tangible Property Regs: Working
with Rev. Procs. 2012-19 and 2012-20

Tax Accounting Method Changes and the Proper Preparation of IRS Form 3115

Construction Industry Tax Foundations — Summary of the Complicated Tax Accounting Methods for Construction Contractors

Capitalization of Tangible Assets: Understanding the New IRS Regulations

Depreciation and Bonus Depreciation: Getting It Right