Date:  August 18, 2011 … 1 p.m. Eastern; 12 p.m. Central; 11 a.m. Mountain; 10 a.m. Pacific. 

        Changing developments and IRS audit initiatives often necessitate the advisability for businesses to reevaluate their methods of accounting.  This seminar discussed many of the reasons why businesses should reevaluate their current method of accounting for specific items and emphasize the procedures for requesting permission from the IRS to change their methods.

Topics included …

        ·    What is a method of accounting?  When should a business consider changing a method of accounting?

        ·    Procedures for filing requests for permission to change accounting methods on Form 3115.

        ·    CAMs that require advance consent from the IRS before the changes can be made.

        ·    CAMs that do not require advance consent from the IRS before the changes can be made. 

        ·    Many CAMs require Section 481(a) adjustments … What are they?  When are they required?  How are they computed?

        ·    Preparation of Form 3115 … Dos & Don’ts … Page-by-Page … Section-by-Section … Narrative attachments

        ·    Practical suggestions for filing and for dealing with IRS reviewers in the National Tax Office. 

        ·    CAMs frequently encountered in auto dealership situations … CAMs involving LIFO inventories