Tax Accounting for Inventories

Date: Thursday, March 10, 2011
Time: 11:00 AM ET / 10:00 AM CT / 09:00 AM MT / 08:00 AM PT [Prevailing Time]
Presenter(s): Eric Krienert, Tax Manager, Illinois Agricultural Auditing Association,Normal, IL and Scott Vance, Principal, Income Tax and Accounting Group, KPMG LLC, Washington, DC
Learning Objectives:
Participants will learn about Tax Accounting for Inventories and explore issues raised during recent IRS audits.
Field of Study: Tax
Program Level: Basic
CPE Credit: 1 Credit Hour
Delivery Method: Group Internet-based
Prerequisite(s): No advanced preparation or prerequisites are required for this course.
IMPORTANT NOTE:
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Course Description

Issues raised in the Midwest on Lower of Cost or Market, Local Spot Market less shipping costs, Section 263A, and more will be discussed.

Agenda includes:
Overview of IRC §263A – Scott Vance and Grain Inventory and IRC §263A – Eric Krienert

Presenter and Moderator Bios
Eric V. Krienert , CPA- Tax Manager joined the Auditing Association December 1, 2008. Eric has the primary responsibility for research, training, and special projects involving corporate taxes. Eric has multiple years prior experience with a large, regional accounting firm and brings multi-state tax experience to the firm. Eric is currently serving on the tax committee for the National Society of Accountants and is providing direction and leadership to the grain and cooperative industries in the challenging and fast-changing environment of cooperative taxation.

Scott Vance is a Principal in the Income Tax and Accounting Group of KPMG LLP's Washington National Tax Practice in Washington, D.C. He has 15 years experience dealing with a variety of federal tax issues, including section 199, income and expense recognition, inventory valuation, and capitalization and cost recovery.

Cost
$56.00 for NSAC Members / $70.00 for Non-Members

Delivery System

  • All programs are delivered using the Zoom platform.
  • Confirmations will include log-in instructions.
  • Participants are able to participate using any device with an Internet connect (if the device does not have speakers, the participant can also dial-in) or they can participate with audio only by dialing in.
  • All registrants will receive a link to the CLN’s recording by email within 48 business hours of event’s conclusion.
  • There will be assistance available to help with technical and connectivity issues up to 10 minutes prior to the start of the presentation.

Registration

All registration is done on-line and each guest must provide their name and email address to participate. All NSAC members may register for free. Non-members may register for a nominal fee.

Refund Policy

NSAC will not issue refunds for CLNs. If a registrant is unable to participate in the CLN and provides notification to info@nsacoop.org 48 hours prior to the session, a credit will be provided for a future CLN. Alert the NSAC staff member monitoring the CLN if technical difficulties are encountered and technical support will be provided to eliminate problems with future CLNs.

Additional Information

Live participation is required for CPE credit and polling questions must be answered to document your active participation. All registrants will receive an email following the session with links to the slides and/or handouts, and a link to the CLN recording (unless otherwise stated). If you are unable to participate in the live session, you can still watch the recorded session, but you will not be eligible for CPE credits. Those eligible for credits will receive their certificate by email with 7 business days.

For more information regarding NSAC CLNs or administrative policies such as complaint and refund, contact the NSAC Headquarters, 7946 Clyo Road, Suite A, Centerville, OH 45459, 937-222-6707, or info@nsacoop.org.