• Distinguish when the use of the cash method is appropriate.
• Recognize and apply the basic rules for a change in accounting method.
• Identify a proper accounting period under the federal tax rules.
• Identify which IRS revenue procedures provide the guidance for a given scenario for a taxpayer to change his or her accounting method with the IRS.
• Prepare Form 3115, Application for Change in Accounting Method, and recognize how and when this form should be filed by the taxpayer.