Webcast: Construction Contractors: Special Tax and Accounting Considerations (XCCCST17)
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Gain knowledge of the unique opportunities and responsibilities of representing construction contractors; learn how financial statements of contractors are used to secure financing; and compare GAAP and tax rules for the percentage of completion method of accounting. Learn alternate methods of accounting for homebuilders, small-construction contractors and residential-construction contractors; and dive into policies and procedures a contractor must have in place to generate the information used

 Export to Your Calendar 12/15/2017
When: 12/15/2017
8:30 AM until 4:00 PM
Where: Webcast
CALCPA
4171115C
United States
Presenter: Don Paul Cochran, JD, CPA, CFP®, CRC®


Online registration is available until: 12/13/2017
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Acronym XCCCST17
CPE 8 hours
Vendor CalCPA
Category
Taxation
Level Intermediate
Prerequisite Two to five years of tax experience.
Adv Prep None
Yellow Book? No
Designed for CPAs who prepare tax returns and financial statements or provide financial advice to construction contractors.
Registration
Member $245
CPA Non-Member $375

The Member rate applies to LCPA members, other state society members, and non-CPA staff of LCPA members. To register online, use the ‘Register’ button above. To register by phone, call the LCPA Member Service Center at 800.288.5272 or 504.464.1040, Monday through Friday, 8am to 5pm.

Course Description

Gain knowledge of the unique opportunities and responsibilities of representing construction contractors; learn how financial statements of contractors are used to secure financing; and compare GAAP and tax rules for the percentage of completion method of accounting. Learn alternate methods of accounting for homebuilders, small-construction contractors and residential-construction contractors; and dive into policies and procedures a contractor must have in place to generate the information used to assemble bids, report project results and prepare tax returns. Other topics include accounting issues for joint ventures and variable interest entities; contractor specific disclosure rules; accounting for uncertainty in income taxes; and tax issues regarding methods of accounting, look-back requirements, alternative minimum taxes and the Qualified Domestic Production Deduction.

Objectives

  • Identify accounting and auditing issues related to construction contractors, including required disclosures; proper financial statements and key supplemental information; and control systems.
  • Recognize standard tests for bonding capacity and determine audit risk in financial statements of contractors.
  • Calculate and report liability amounts associated with uncertain tax positions and track annual changes.
  • Determine the characteristics of relationships between service provider and service recipient that are indications of employer/employee relationship.

Major Topics

  • Over/under billings; cost allocation and recognition; and "profit fade," accounts receivable and retainage.
  • Consolidation of variable interest entities.
  • Regulatory issues—FASB Interpretation No. 48: Accounting for Uncertainty in Income Taxes and Sec. 460 related to small contractors.
  • Risk and uncertainty disclosure.
  • Tax: Cash vs. accrual; look-back rules; AMT
  • Available accounting methods to small contractors.
  • Percentage of completion vs. completed contract.
  • Homebuilder/developer regulation.
  • Qualified Domestic Production Deduction.
  • Independent contractors vs. employees.