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Event Description

Every construction contractor needs a good CPA. The contractor is forced to keep good records in order to have reliable estimates of percentage complete on contracts. Bonding agents require it and no contractor wants to pay tax on income that has not been earned. The tax code contains special provisions that apply to contractors . . . a good CPA will know how to apply their benefit.

Enrolled Agent Approved

Designed For

CPAs who have construction contractor clients, or who want to have them, and are willing to invest the time required to use their tax knowledge to become a valued business advisor

Objectives

  • Identify and categorize costs, calculate percentage of completion, consider “look-back calculation” where required by law
  • Apply general rules for deduction of per-diem allowances, tax treatment of vehicles, and worker classification

Major Subjects

  • $26 million threshold
  • Choice of accounting methods
  • Value of percentage-of-completion method
  • Identifying direct contract cost
  • Calculating reliable burden rate where direct labor is the primary contract cost.
  • Applying burden rate to dollars of cost, tons of material, machine time and other factors.