TAP: Taxable Year Ends for S Corporations, LLCs, and C Corporations (207)

General Description:

The objective of the Tax Accounting Series is for the participant to acquire a basic understanding as to how the various tax accounting rules apply in determining when an item is taxable or deductible and in what year an item is taxable and deductible. This seminar specifically addresses annual accounting periods and tax year ends.

Learning Objectives:

After completing this course the participant will be able to:

• Explain the purpose of an accounting period and accounting method.
• Identify the taxable year ends that are required for various entities, including an individual, trust, estate, partnership, S corporation, C corporation, and personal service corporation.
• File Form 1128 to change an accounting period (cost is $5,000).
• Explain a 52-53 week year end.
• Describe the use of a §444 election, including:
• Identify who can make the election;
• Calculate the minimum distribution required under §280H;
• Calculate the maximum amount deductible under §280H;
• Calculate the required payment under §7519 and Form 8752.
• Evaluate whether to advise a client to use other than a required taxable year end for a particular entity.
• Explain the options if the taxpayer is using other than a required taxable year end (see Rev. Proc. 2022-19).

Instructors:

Mark A. Vogel is a retired professor and director of the University of Denver Graduate Tax Program, where for 38 years he taught courses in individual, fiduciary, tax accounting, partnership, and corporate taxation. He is the author of Divorce Taxation Guide (John Wiley & Sons) and Individual Taxation (Shepards/McGraw-Hill). He received a J.D. and LL.M. in Taxation from the University of Denver College of Law and an undergraduate accounting degree from the University of Notre Dame. He is also a CPA licensed in Illinois.

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