Tax & Accounting's Education Series

Federal Tax Accounting Edited by Stephen F. Gertzman Updated annually Product Code: FAS7

The Student Edition of Federal Tax Accounting, by Stephen F. Gertzman has now been combined with its Cumulative Supplement to create a new, easier-to-use, single volume that is both comprehensive and authoritative.

Federal Tax Accounting, by Stephen F. Gertzman provides clear and concise analysis of the full range of tax accounting issues. It provides the most up-to-date source of tax accounting guidance, coverage of a broad range of topics in just one volume, and sophisticated analysis with understandable explanations. For even the most complicated topics, the author provides several levels of analysis, making it an ideal teaching tool. It includes in-depth coverage of such vital areas as: rules regarding adoption and use of the methods of accounting, rules regarding changes in methods of accounting, installment sales, inventory costing under Section 263A, LIFO inventories, time value of money and techniques for changing methods of accounting without prior IRS approval.

Get specific answers to questions such as:

• To What Transactions Do The So-Called Time Value Of Money Rules Apply?
• Can Penalties Be Imposed On Taxpayers Whose Methods Of Accounting Are Improper?
• What Limitations Exist On The Discretion Of The IRS In The Tax Accounting Areas?
• How Must Inventories Be Costed For Tax Purposes?

Some of the recent developments covered:

• New cases pertaining to retroactive change in accounting method; income from economic benefits to the taxpayer without direct receipt of money, property, or services; the categorization of property under the MACRS system by use rather than ownership; benefits of Section 1341; and the constructive receipt of lottery winnings.
• Revenue Rulings pertaining to the effect of price adjustments on gross receipts and to allocation of inventoriable costs.
• The new qualified production activities deduction, which was created by the Jobs Protection Act of 2004.
• New cases pertaining to prohibition of a taxpayer's use of the cash method, constructive receipt, the annual accounting concept, the claim of right doctrine, and receipt of income.
• Revenue Rulings pertaining to the effects of clerical errors on amounts reported as income, and the character and treatment of annual fees for the use of credit cards.
• Revenue Procedures providing new methods of accounting for credit card fees.
• Revenue Procedure expanding and governing the opportunities for deferring the recognition of advance payments in income.

Table of Contents

• Chapter 1: Tax Accounting – What is it?
• Chapter 2: Methods of Accounting
• Chapter 3: The Cash Receipts and Disbursements Method
• Chapter 4: Accrual Methods
• Chapter 5: The Installment Method
• Chapter 6: Inventories
• Chapter 7: LIFO
• Chapter 8: Changes in Methods of Accounting
• Chapter 9: Accounting Changes Not Requiring IRS Approval
• Chapter 10: Accounting Periods
• Chapter 11: Time Value of Money
• Chapter 12: Annual Accounting and Transactional Concepts

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