The changes to revenue recognition under GAAP imposed by ASU 2014-09-Revenue from Contracts with Customers, as amended (ASU 2014-09), in the past would not have affected tax reporting. However, many organizations may wish to attempt to have their tax reporting conform to their now revised financial statement reporting. In addition, changes made to Section 451 by the Tax Cuts and Jobs Act now impose an "at least as rapid" test to ensure revenue is not recognized later for tax than book purposes for income tax purposes for organizations with an "applicable financial statement." This four-hour morning course looks at how the changes made by ASU 2014-09, either will create a situation where a taxpayer may wish to conform their reporting or where the taxpayer may be required to do so. In cases where a taxpayer wishes to make a change, we'll look at how to determine if the option is available. In addition, we'll look at the mechanics of obtaining IRS permission to change the tax accounting method necessary in all cases.
Yikes, the time is near. Please call NMSCPA at (505) 246-1699 to register.