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Taxation of the Construction Contractor and Homebuilder (4152916B)
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"Taxation of long-term contracts has evolved into a myriad of compliance requirements and reporting nightmares. Understanding the complex and sometimes illogical rules is a specialty in itself. This course will plow through the many issues and provide clear approaches to obtain the most beneficial tax result for the construction contractor, while also meeting the numerous compliance requirements. Detailed guidance will be presented for the specific accounting requirements for residential homebui

9/2/2015
When: 9/2/2015
9:30 AM - 5:30 PM
Where: Webcast/Webinar
Presenter: Gene Ristaino
Contact: April Deneault
801-834-6634


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Taxation of long-term contracts has evolved into a myriad of compliance requirements and reporting nightmares. Understanding the complex and sometimes illogical rules is a specialty in itself. This course will plow through the many issues and provide clear approaches to obtain the most beneficial tax result for the construction contractor, while also meeting the numerous compliance requirements. Detailed guidance will be presented for the specific accounting requirements for residential homebuilders.
 

  Objectives:




    Identify the applicable revenue recognition and accounting methods required for long-term contracts.
    Determine IRC Code Sec. 460 and related IRS Regulations Sec. 1.460.
    Recognize compliance requirements and pitfalls, including identification of available elections and which elections are most beneficial.
    Identify and analyze the significant book vs. tax differences.
    Determine the implementation of the tax accounting methods for homebuilding activities, including the application of IRC Code Sec. 263A uniform capitalization requirements.
    
  
  
        
   

Major Subjects:

 

    Pertinent cases and revenue rulings
    Accounting methods and relevant elections
    Illustrative examples and analysis
    Sample computations for homebuilder unit costing
    Compliance with IRC 263A Uniform Capitalization Rules
    Recent IRC 263A challenges by the IRS
    Update of other IRS activity

  

              

Designed For: Internal CPAs and CPAs providing accounting and tax services to contractors and homebuilders.
 
 

Prerequisite:   Basic understanding of the accounting for long-term contracts.

Advanced Prep:  None

Speaker: Gene Ristaino

Vendor: CalCPA

Field of Study:      Taxes

Level:  Intermediate

CPE Credit: 8 Hours

Acronym: TXCT

 

Registration Fees:

Members: $275

Nonmembers: $375

 

Meet the Speaker:

Gene Ristaino is a partner/member of Isdaner & Company, LLC, a local firm of 65 people in Bala Cynwyd PA (Philadelphia area) and is the director of accounting, auditing and quality control for the firm. Gene manages a diversified accounting practice (over 40 years of experience) specializing in the construction and real estate industries. He also provides consulting services for developers and contractors in cost certification and analysis, claim support and documentation, expert witness, business valuation and job cost system implementation and improvement. Gene has provided expert testimony and/or issued expert reports in numerous litigation support engagements involving real estate transactions, construction claims, family disputes and embezzlement cases. He has provided expert testimony in two Court appearances. He has also prepared construction contract claims, back charge reports, and damage reports in dispute litigation and arbitration. Gene is Accredited in Business Valuation (ABV) and Certified in Financial Forensics (CFF) certified by the American Institute of Certified Public Accountants (AICPA). Valuation and/or Litigation engagements include construction contractors; leisure transportation; travel and tour agencies; manufacturing; real estate investment limited partnerships and LLCs; specialty restaurants; and family limited partnerships. Cases have included dissenting stockholder disputes; buy/sell transaction prices; estate and gift tax issues; and owner disputes. Gene has attended the Business Valuation Course, and the Fair Value Forum developed by the AICPA. Gene has a Masters in Taxation (MT), concentrating in corporate taxation, with a specialization in the real estate and construction industries. Gene's diversified background includes a concentration in the governmental and not-for-profit auditing sectors, including HUD, Circular A-133 and the Single Audit, as well as healthcare, manufacturing, transportation, retail and service organizations. Gene is a national instructor for the American Institute of Certified Public Accountants (AICPA) and many state societies. He also lectures for many industry associations, and has authored numerous professional education programs, including several one-day seminars. Gene is a member of the American and Pennsylvania Institutes of Certified Public Accountants and currently serves on the Peer review and A&A Procedures committees for the Pennsylvania Institute of Certified Public Accountants. Gene is a team captain for the AICPA Peer Review Program, and has performed numerous peer reviews under the AICPA Standards. Gene is a former adjunct professor of tax law for the Masters in Taxation Programs for Villanova University and Philadelphia University. He received his undergraduate BS degree in accounting from Drexel University, and earned his Masters in Taxation from Villanova University.

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