COR21103. Fundamentals of Construction Taxation (Pre-conference workshop - additional fee)

Fundamentals of Construction Taxation will cover the unique income tax issues surrounding construction contractors. We will cover practical and real life examples in a manner that allows easy understanding of the basic concepts and relevant issues encountered by contractors including: identifying long-term contracts, income recognition under the percentage of completion, income from completed contracts, other exempt long-term contracts, cash vs. accrual methods of accounting, the application of look-back interest, alternative minimum tax issues related to completed contracts, and the qualified business income deduction under 199A.

Learning Objectives:

• Recognize the basics of tax accounting concepts and methods available for construction contracts
• Identify significant book (GAAP)/tax difference inherit in accounting for construction contracts
• Recognize the basics of the importance of job costing and cost of goods sold