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Monday, October 26, 2020 Webcast

Construction Contractors - Special Tax and Accounting Considerations (E2010181)

8:30 AM - 4:30 PM EDT

Registration: 8:00 AM EDT

webcast

Webcast

4.0 CPE Credits in AA
4.0 CPE Credits in TX

OVERVIEW

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 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.

DESIGNED FOR

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

BENEFITS

  • 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

HIGHLIGHTS

    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 verse completed contract
    • “Look back” rules
    • AMT
    • Sec. 460 regulations on accumulation of contract costs
    • Homebuilder/developer regulations, qualified domestic production deduction
    • IRS Audit Techniques Guide for the construction industry

COURSE LEVEL

Intermediate

PREREQUISITES

None

ADVANCE PREPARATION

None

ADDITIONAL NOTES

Course materials will be distributed electronically. To access, visit your My Events page. Download to your laptop or tablet prior to your seminar. Handouts are added as received.

INSTRUCTOR

Edward Zollars

Edward K. Zollars, CPA

Tax and Technology Partner

Thomas Zollars & Lynch, Ltd.

Edward K. Zollars, CPA, is a partner with the firm of Thomas, Zollars & Lynch, Ltd, in Phoenix, Arizona. He specializes in tax issues for closely held businesses and individuals. He has served on committees with the AICPA Tax Section and currently serves on the Arizona Society of CPAs legislative tax liaison committee. Ed has published tax podcasts on tax matters and is currently producing the weekly audio and video for the Current Federal Tax Developments podcast on current tax matters for Kaplan Financial Education and the related blog with regular tax updates throughout the week. Along with writing, editing and presenting courses for the past 14 years, Ed has written articles published in Practical Tax Strategies and The Tax Adviser. He is a frequent contributor to a number of online professional tax discussion groups, including the NJCPA Member Open Forum.

PRICING

$389.00 - Non Member

$289.00 - Member

Pre-Registration Closed

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