Construction Contractors: Special Tax And Accounting Considerations (SMTX33)

Thursday, June 15, 2017 | 8:30 AM - 4:00 PM (Registration at 8:00 AM) EST | South Carolina Association of CPAs, Cayce

Description

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 including application to contractors' financial statements of the Financial Reporting Framework for Small and Medium Size Enterprises and Accounting Standards Update No. 2014-09 for Revenue from Contracts with Customers. 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 adjustments for the "look back" rules, and disclosure of "uncertain tax positions." Additional attention is paid current tax issues involving the Section 199 deduction and Worker Classification. Practical application is provided through unique audit program and financial statement issues as well as examples of completed tax forms.

Objectives

Present a contractor's financial information in accordance with GAAP

  • Calculate a contractor's bonding capacity
  • Calculate "look-back" adjustments to taxable income
  • Calculate IRC Sec. 199 "Qualified Domestic Production Deduction"
  • Apply IRC Secs. 263A and 460 to cost accumulation
  • Efficiently audit a contractor
  • Plan financial and tax transactions to assure maximum bonding capacity Advise contractors on how business decisions affect financial statements and tax returns
  • Comply with new tax and accounting rules

  • Cost

    Early Bird Registration: $289 SCACPA Members (by 5/25/2017)
    Standard Registration: $314 SCACPA Members, $414 Non-Members
    Firm Discount: ($15)
    Reciprocal Discount: ($100)
    Bundle and Save Discount: ($20)

    Major Topics

    ACCOUNTING: Over and under billings; "profit fade," accounts receivable and retainage; FIN 46R; Deferred income taxes;; FIN 48; 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 Regs. on accumulation of contract costs; Homebuilder/Developer regulations, Qualified Domestic Production Deduction and the IRS Audit Techniques Guide for the construction industry.

    DETAILS

    Course Code:
    SMTX33

    Credits:
    8.00 Accounting

    Field of Study:
    Accounting, Auditing

    Vendor:
    Nichols Patrick CPE, Inc

    Course Type:
    Seminars

    Level:
    Intermediate

    Prerequisite:
    None

    Advanced Preparation:
    None

    Location

    1300 12th Street, Suite D, Cayce, SC, 29033

     

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