Description
Many consider taxation of construction contractors to be the most complex area of the Internal Revenue Code. Probably no other industry has so many elections and considerations that need to be considered and made in order to reduce or defer amounts owed to the Internal Revenue Service. We will also discuss the impact of COVID-19 on construction taxation. This is a critical presentation “tailor-made” for CPAs who either work for or represent construction contractors.
Objective
Understand the myriad of laws and regulations and how they impact taxation of construction contractors Understand the many options available in order to reduce or defer recognizing taxable income regarding the construction industry
Highlights
Learn what property is subject to IRC Sec 460 Understand how home builders and residential contractors are exempt from IRC Sec 460 Learn how to qualify for the “small contractor exemption” and its advantages to the taxpayer Learn the various options that are available to the “small” contractor regarding taxation of long-term contracts Discuss how the choice of entity impacts taxation of contractors Learn how AMT impacts the construction industry Learn about IRC Sec 460 and “large” contractors Learn how “uninstalled materials” impact taxation of contractors Learn how the “look-back” rules impact contractors Learn how the “10% method” can allow certain contractors to defer recognizing taxable income Learn critical tax planning strategies for contractors
Who Should Attend
CPAs who either work for or represent construction contractors who are looking for ways to reduce taxable income
Required Knowledge
Previous experience in the construction industry or in providing service to construction clients
Advanced Prep
None
Event Speaker(s)
Additional Event Information
Contact NCACPA if you need assistance with your online program. For the quickest results, email the Online Learning Team at [email protected], and a team member will contact you shortly.
If you need assistance with internet access issues, browser capability, or when the NCACPA office is closed* please call Freestone Technical Support at 866-702-3278 or by email at [email protected] .
*NCACPA office hours are 9:00 am–5:00 pm ET. Online Learning Team members will be available via email 30 minutes prior to the start of a live online program.
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Registration Fees
| Registration | Early Bird | Regular |
|---|---|---|
| NCACPA Member | N/A | $145.00 |
| Non-Member | N/A | $195.00 |
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.