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Construction Contractors: Special Tax and Accounting Considerations 4171115C
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Gain knowledge of the unique opportunities and responsibilities of representing construction contractors; learn how financial statements of contractors are used to secure financing; and compare GAAP and tax rules for the percentage of completion method of accounting.

 Export to Your Calendar 12/15/2017
When: 7:30 AM to 3:00 PM
Where: Webinar/Webcast
United States
Presenter: Don Paul Cochran, JD, CPA, CFP®, CRC®
Contact: April Deneault
801-466-10741


Online registration is available until: 12/15/2017
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Curriculums:   Specific Industries,Accounting and Financial Statements,Business and Corporate Taxation,Financial Leadership Forum,Business and Industry

NASBA Credit Category:  Taxes

CPE Hours:  8

Description

Gain knowledge of the unique opportunities and responsibilities of representing construction contractors; learn how financial statements of contractors are used to secure financing; and compare GAAP and tax rules for the percentage of completion method of accounting. Learn alternate methods of accounting for homebuilders, small-construction contractors and residential-construction contractors; and dive into policies and procedures a contractor must have in place to generate the information used to assemble bids, report project results and prepare tax returns. Other topics include accounting issues for joint ventures and variable interest entities; contractor specific disclosure rules; accounting for uncertainty in income taxes; and tax issues regarding methods of accounting, look-back requirements, alternative minimum taxes and the Qualified Domestic Production Deduction.



Major Subjects

  • Over/under billings; cost allocation and recognition; and "profit fade," accounts receivable and retainage.
  • Consolidation of variable interest entities.
  • Regulatory issues—FASB Interpretation No. 48: Accounting for Uncertainty in Income Taxes and Sec. 460 related to small contractors.
  • Risk and uncertainty disclosure.
  • Tax: Cash vs. accrual; look-back rules; AMT
  • Available accounting methods to small contractors.
  • Percentage of completion vs. completed contract.
  • Homebuilder/developer regulation.
  • Qualified Domestic Production Deduction.
  • Independent contractors vs. employees.

Objectives

  • Identify accounting and auditing issues related to construction contractors, including required disclosures; proper financial statements and key supplemental information; and control systems.
  • Recognize standard tests for bonding capacity and determine audit risk in financial statements of contractors.
  • Calculate and report liability amounts associated with uncertain tax positions and track annual changes.
  • Determine the characteristics of relationships between service provider and service recipient that are indications of employer/employee relationship.

Level:  Intermediate

Designed For

CPAs who prepare tax returns and financial statements or provide financial advice to construction contractors.

Advanced Prep:

None.

Prerequisite

Two to five years of tax experience.

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