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Webinar (CA): Construction Contractors—Special Tax and Accounting Considerations

Description

This program explains and illustrates special accounting and auditing issues related to the construction industry, contractor-specific disclosure rules, and current accounting and auditing developments. On the tax side, the program examines the similarities and differences of tax and financial reporting for a percentage of completion and completed contract method and other permitted methods of accounting. Adjustments for the “look-back” rules will be considered under various scenarios. Practical application is provided through audit program examples and financial statement presentation and disclosure issues.

Learning Objectives

• Understand the definition of “long-term contract”
• Present a contractor’s financial information in accordance with U.S GAAP
• Calculate a contractor’s bonding capacity
• Calculate “look-back” adjustments to taxable income
• Apply IRC Secs. 263A and 460 to cost accumulation
• Efficiently audit a contractor
• Plan financial and tax transactions to assure maximum bonding capacity
• Advise contractors on how business decisions affect financial statements and tax returns
• Comply with new tax and accounting rules

Major Topics

Accounting:
• Over and under billings
• New revenue recognition standard and new lease standard for contractors
• Consolidation of variable interest entities
• Deferred income taxes
• Disclosure of risk and uncertainty
• Audit program for contract-related items, applying risk analysis to contractors’ operations, and required disclosures
Tax:
• Cash versus accrual
• Accounting methods available to small contractors
• Percentage of completion vs. completed contract
• “Look-back” rules
• AMT
• Sec. 460 regulations on the accumulation of contract costs
• Homebuilder/developer regulations, the qualified business income deduction, expanded small contractor relief, and the IRS Audit Techniques Guide for the construction industry

Provider
California CPA Education Foundation
Course Level
Intermediate
CPE Field of Study
Accounting
4
Auditing
4
Who Should Attend

CPAs in public practices and accounting and financial professionals in the construction businesses who prepare tax returns, are responsible for financial statements and provide tax and financial advice to construction contractors.

Instructor(s)
Edward Zollars
Prerequisites

None

Advanced Preparation

General construction accounting and tax knowledge.

This webinar is produced by CalCPA. You will receive your login link/instructions and Certificate of Attendance directly from this third-party vendor. It is important that you review your COCPA confirmation for details on receiving your login instructions and COA from said vendor.

Location
Webinar
Event Information
When
Dec 13, 2021
9:00 am - 4:30 pm MDT
Location
Webinar
Total CPE Credits
8
Format
Webinar

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Webinar (CA): Construction Contractors—Special Tax and Accounting Considerations


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