Self-Study

Critical Issues Involving Taxation of Construction Contractors Download

  • Tuesday, April 5, 2022 – Sunday, April 30, 2023

  • 4.00
    CREDITS
    Taxes

Many consider taxation of construction contractors to be the most complex area of the Internal Revenue Code. Probably no other industry has so many elections and considerations that need to be considered and made in order to reduce or defer amounts owed to the Internal Revenue Service. We will also discuss the impact of COVID-19 on construction taxation. This is a critical presentation "tailor-made" for CPAs who either work for or represent construction contractors.

Objectives

  • Understand the myriad of laws and regulations and how they impact taxation of construction contractors
  • Understand the many options available in order to reduce or defer recognizing taxable income regarding the construction industry

Highlights

  • The impact of COVID-19 on the construction industry
  • The impact of the Tax Cuts and Jobs Act and the CARES Act on the construction industry
  • What property is subject to IRC Sec 460
  • Understand how home builders and residential contractors are exempt from IRC Sec 460
  • How to qualify for the “small contractor exemption” and its advantages to the taxpayer
  • The various options that are available to the “small” contractor regarding taxation of long-term contracts
  • How the choice of entity impacts taxation of contractors
  • How AMT impacts the construction industry
  • IRC Sec 460 and “large” contractors
  • How “uninstalled materials” impact taxation of contractors
  • How the “look-back” rules impact contractors
  • How the “10 percent method” can allow certain contractors to defer recognizing taxable income
  • Critical tax planning strategies for contractors

Additional Information

Designed For

CPAs who either work for or represent construction contractors who are looking for ways to reduce taxable income

Vendor

Surgent

Advanced Preparation

None

Credits

4.00 Taxes

Prerequisite

Previous experience in the construction industry or in providing service to construction clients

Course Number

2227478

Level of Knowledge

Intermediate

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