The Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) recently issued ASC 606 – Revenue from Contracts with Customers, which outlines new revenue recognition standards for businesses across all industries, including manufacturing and distribution. These rules will impact when and how businesses recognize revenue for financial accounting and tax purposes, and are effective for some businesses beginning in 2018. In addition, the new Section 199A rules found in the Tax Cuts and Jobs Act have the potential to impact manufacturers and distributors. Planning now for these new rules will provide the best outcome for success in finding new opportunities.
- Discuss the new revenue recognition rules
- Outline the changes between the old and new rules
- Identify the potential financial accounting and tax impacts of the changes
- Review Section 199A and how it impacts manufacturers and distributors
- Discuss opportunities within the manufacturing and distribution industry
Adam Sweet, JD, LLM, Principal
Adam has extensive knowledge in the area of partnership tax including interpreting partnership agreements, allocation and distribution provisions, and issuing profits interests. He is also experienced with both the buying and selling sides of domestic and foreign joint ventures, and he assists with IRS controversy matters, including IRS exams and appeals hearing.
Andrea Mouw, JD, Principal
Andrea has more than 12 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.
CPE Credits: 1 Hour
CPE Category: Taxes
Delivery Method: Internet based Group
No prerequisites or advanced preparation required. For information regarding refund, complaint and program cancellation policies, please contact Jason McKeever at 701.476.8773.