While characterization (identifying ordinary income, capital gain, exempt income, deductible expenses, etc.) understandably plays a central role in tax practice, timing issues (when an item is reflected on the tax return) are just as important. Since tax planning often involves deferral rather than exclusion, a solid understanding of income tax accounting rules is essential to maximizing tax benefits and minimizing tax costs. Practitioners are confronted with federal income tax accounting rules that differ substantially from GAAP and mastering those rules is key to adequately advising clients with respect to both compliance and planning opportunities. This CPE course will address the application of a broad spectrum of tax accounting principles every practitioner should know.
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