The Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09 – Revenue from Contracts with Customers in May of 2014, and the effective date is for periods beginning after December 15, 2018. These rules will impact when and how businesses recognize revenue for financial accounting and tax purposes. That said, it's important to begin analyzing these new rules now, because there are significant tax implications that will need to be considered in addition to the financial accounting implications. Join us for a webinar to learn more about these rules and how the rules could impact your clients tax return. This sessions is part of our Advisor Insights series providing education and information to attorneys, accountants and other advisors.
-Discuss the new revenue recognition rules
-Identify the potential tax implications of the new rules
-Outline the changes between the old and new rules and the risks and opportunities presented by the changes
Andrea Mouw, JD, Principal
Andrea has more than 11 years of tax experience including federal, state, and international tax issues. She provides technical analysis and assists clients in resolving accounting method issues related to income and expense recognition, capitalization, cost recovery and inventories, including identifying and adopting appropriate accounting methods and filing accounting method change requests (Form 3115). Andrea also provides guidance regarding the Section 199 domestic manufacturing deduction and is familiar with the rules regarding the taxation of financial products and alternative investments.
Sid Kommuru, CPA, Manager
Sid has more than six years of experience with time spent in both the tax compliance and tax consulting world. His experiences in tax consulting have revolved around identifying and adopting appropriate accounting methods. His specialties include UNICAP, repairs and maintenance reviews, and preparation of Form 3115 filings. He is also experienced in pass-through entity returns for Partnerships, LLCs and S Corporations.
Recommended CPE Information
Field of Study: Taxes
Delivery Method: Group Internet
No prerequisites or advanced preparation required. For information regarding refund, complaint and program cancellation policies, please contact Jason McKeever at 701.476.8773.