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20WC-1486: Construction Contractors: Special Tax and Accounting Considerations (Webinar)

If you have questions about this event, please call us at 952-831-2707.

Friday, January 22, 2021
8:30am - 4:00pm Central Time
8 CPE (8 technical)

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.

Major subjects

  • 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 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

Learning objective(s)

  • 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.

Who should take this program?

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.

Fees

Our records indicate you are a nonmember. If you register, you will be charged $400.00 (Standard Nonmember Fee). Members: Please log in to receive member fee.
Standard Member Fee $295.00
checkmark Standard Nonmember Fee $400.00

More program information

Location Online
Area
of study
Taxation
Field(s)
of study
Taxes - Technical (8.0)
Level Intermediate
Format Group Internet Based
Sponsor CalCPA Education Foundation
NASBA ID#: 104822
Prerequisites Prereq. General construction accounting and tax knowledge
Advance
prep
None
Cancellation
policy
Receive a full refund if you cancel at least four business days before the event start date. Learn more

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If you have questions about this event, please call us at 952-831-2707.