Description
Many consider taxation of construction contractors to be the most complex area of the Internal Revenue Code. This industry is subject to many elections and considerations to reduce or defer amounts owed. In this course, we will highlight these areas and discuss potential opportunities for practitioners and their clients. We will also discuss the impact of recent legislation on construction taxation, including changes to net operating losses and the AMT rules. This is a critical presentation tailored for CPAs who work for or represent construction contractors.
Objective
Recognize the impact of recent tax legislation on the construction industry Identify when the cash method of accounting may be used for long-term contracts Reference sections of the Internal Revenue Code (IRC) that impact the construction industry Recognize how the IRC impacts specialized sectors of the construction industry, such as homebuilders and residential construction Explain how a contractor qualifies for the small contractor exemption and its advantages Recognize the different methods of income recognition from long-term contracts available when a contractor qualifies for the small contractor exemption Identify the qualifications for the 10 percent deferral election Identify the major differences regarding cost capitalization rules between U.S. GAAP, exempt contracts, and nonexempt contracts Recognize the five basic rules concerning cost allocation for tax purposes Recognize how alternative minimum tax impacts the construction industry and identify ways to reduce its impact Understand the issues involved with the look-back provisions Recall the issues involved in determining a worker’s status as an employee or independent contractor and how this determination impacts the construction industry Recognize the key provisions of FIN 48 and how it impacts the construction industry Identify the most commonly missed tax strategies for contractors
Credit Types
- Taxes: 4
Registration Fees
| Registration | Type | Price |
|---|---|---|
| Rebroadcast - General (4 hours) | Members | $160.00 |
| Rebroadcast - General (4 hours) | Non Members | $320.00 |
The North Carolina Association of Certified Public Accountants is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org/.For information regarding refund, complaint, program cancellation or other policies, visit our Registration Policies page or call 800-469-1352.