Cost of Goods Sold - Inventory, Write-Downs, Valuations and More
Nick Preusch CPA, JD, LLM, is a tax manager with PBMares, LLP. Nick has participated in helping high wealth individual and large business entities with complex tax compliance, along with specializing in international, not-for-profit tax issues, and tax ethics issues.
Nick has also worked with the Internal Revenue Service as a Revenue Agent and an Attorney with the IRS Office of Professional Responsibility. Nick is a graduate of Carthage College with a BS in Accounting and Business, the University of Connecticut with a MA in Accounting, Case Western Reserve University with a JD, and Georgetown University with an LLM in taxation. Nick has also authored publications for the AICPA’s Journal of Accountancy, AICPA’s Tax Advisor, NATP’s Tax Pro Journal, and CCH’s Journal of Tax Practice and Procedure. He also co-authored a textbook, Tax Preparer Penalties, and Circular 230 Enforcement, published by Thomson Reuters. He has lectured nationally on topics such as ethics, complex tax transactions, and IRS practice and procedure.
Currently, Nick is an adjunct professor at the University of Mary Washington. Nick has been recognized as the Top 5 Under 35 CPAs in Virginia by the VSCPA in 2017 and CPA Practice Advisor’s Top 40 Under 40. He is a member of the VSCPA’s Tax Advisory Committee and Ethics Committee, and the AICPA’s Tax Practice and Responsibilities Committee.
This webinar is the deepest dive into the cost of goods so yet. We will be looking at all the major issues involved in determining the 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.
- Inventory Valuation
- IRC 263A
- Write Downs
- Inventory Adjustments
- Common Issues the IRS Looks at
Course Level - Intermediate
Who Should Attend
CPA, EA, CFO, CEO, Attorney
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 IRC 263A and the new change of accounting methods that a taxpayer can do to help avoid these complex rules.
In addition, the 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 plethora of the cost of goods sold issues that taxpayers can face.