Description
Learn to identify options and methods to limit or defer the recognition of income via certain provisions contained within Section 451 regulations.Income and its recognition is the starting point for all forprofit entities as they determine their ultimate tax liability for a given tax year. The IRS regulations under Section 451(b) and (c), applicable for 2021 and future tax years, provide taxpayers with guidance related to the timing of income inclusion generally as well as the treatment of advance payments for goods, services, and certain other items. The final Section 451 regulations include new concepts and optional methods with respect to income recognition, which requires taxpayers to have a detailed understanding of their specific facts to determine how such rules apply to them. In addition, the final Section 451 regulations include certain provisions that may provide opportunities to limit the amount of income recognized in a given tax year, which taxpayers should consider as part of their overall implementation of the final regulations.This course will provide an overview of and guidance on the final Section 451 regulations. The material will explore opportunities to limit income acceleration and discuss in detail the procedural guidance in place to implement the final Section 451 regulations.
Date: 2022-07-26 Start Time: End Time:
Learning Objectives