Cost of Goods Sold - Inventory, Write-Downs, Valuations and More

Nick Preusch
Instructor:
Nick Preusch
Date:
Tuesday, July 21, 2020
Time:
10:00 AM PDT | 01:00 PM EDT
Duration:
60 Minutes

More Trainings by this Expert   Product Id : 503214

Price Details
$150 Live
$290 Corporate Live
$190 Recorded
$289 Corporate Recorded
Combo Offers
Live + Recorded
$289 $340 Live + Recorded
Corporate (Live + Recorded)
$599 $579 Corporate
(Live + Recorded)
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Overview:

This webinar is the deepest dive into cost of goods so yet. We will be looking at all the major issues involved in determining cost of goods sold such as IRC 263A UNICAP rules, and inventory valuations.

We will also look at the new change of accounting methods available under the Tax Cuts and Jobs Act along with different accounting methods people can use that related to Cost of Goods Sold in order to help clients reduce taxable income.

This webinar will look specifically at IRC 263A Unicap rules along with how to calculate these adjustments and what documentation is needed to properly calculate these.

In addition, we will look at the many different types of inventory valuation methods that a client can use.We will also discuss what occurs when inventory is written down.

Why should you Attend: Cost of Goods Sold has seen major changes under the Tax Cuts and Jobs Act. These changes generally revolve around IRC 263A and the UNICAP rules being exempt for certain taxpayers.

This webinar will go into to IRC 263A and the new change of accounting methods that a taxpayer can do to help avoid these complex rules.

In addition, cost of goods sold is one of the first concepts accounting students learn. However, it can be one of the most difficult, when figuring out things such as inventory valuations, write-downs and other inventory adjustments.

We will be looking at a deep dive into the entire plethoda of cost of goods sold issues that taxpayers can face.

Areas Covered in the Session:

  • Inventory Valuation
  • IRC 263A
  • Write Downs
  • Inventory Adjustments
  • Common Issues the IRS Looks at

Who Will Benefit:
  • CPA
  • EA
  • CFO
  • CEO
  • Attorney


Speaker Profile
Nick Preusch primary focus is performing tax services for high wealth individuals and mid-to-large business entities. Nick’s responsibilities include tax research related to complex business transactions and tax return preparation and review. He also works closely with businesses and individuals to find tax efficiencies through ever-changing tax legislation. He was also an Internal Revenue Service (IRS) attorney at the IRS National Office in Washington, DC, where he was the lead attorney for several significant tax ethics cases.

Nick co-authored Tax Preparer Penalties and Circular 230 Enforcement, a textbook published by Thomson Reuters. He has also been published in the AICPA’s Tax Advisor and Journal of Accountancy along with CCH’s Journal of Tax Practice and Procedure. In 2017, he was named one of the VSPCA’s Top 5 Under 35. In 2018, he was named to CPA Practice Advisor’s Top 40 Under 40. In 2018, he was part of the AICPA’s New Face of Tax ad campaign.

Nick is a licensed attorney in New York and a Certified Public Accountant in Virginia. He earned an LLM in Taxation from Georgetown University, a JD from Case Western Reserve University, and an MS in Accounting from the University of Connecticut.


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