Objective
- 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
- Coverage of the Inflation Reduction Act of 2022
- 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
Designed For
CPAs who either work for or represent construction contractors who are looking for ways to reduce taxable incomePrerequisite
Previous experience in the construction industry or in providing service to construction clientsAdvanced Preparation
None