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Optimizing tax accounting methods in challenging times

Presented By:
Stephen Eckert Emily Murphy Kate Oliver
Date:
August 5, 2020
View On-Demand

Accounting methods are a valuable — but often overlooked — tool for managing tax cash flow, which is even more valuable during times of economic uncertainty. View our on-demand webinar to make sure you’re optimizing your accounting methods.

Middle-aged woman sitting at table reviewing tax documents.For our third installment of our “Tax planning for challenging times” webinar series, our tax experts will discuss the many opportunities related to accounting methods. Accounting methods are a valuable, often overlooked tool for managing tax cash flow in times of economic uncertainty.

Taxpayers can use accounting methods to accelerate deductions or defer income, minimizing income or generating larger losses that can be carried back. The end result? A positive impact on cash flow. For example, the cash method of accounting is typically advantageous and was made available to more taxpayers in 2018. Depreciation planning is also an attractive option, and recent tax changes have created opportunities to accelerate deductions. Payroll taxes and prepaid expenses can be deducted at different times to allow for maximum cash flow. The current economic turmoil presents a great reason to revisit tax accounting methods and consider new opportunities.

Learning objectives:

  • Define which accounting methods would be most advantageous for your organization.
  • Develop an understanding of how to implement these accounting method changes.

Find our full webinar series here:

For further tax-planning resources:

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