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
- Learn what property is subject to IRC Sec 460
- Understand how home builders and residential contractors are exempt from IRC Sec 460
- Learn how to qualify for the “small contractor exemption” and its advantages to the taxpayer
- Learn the various options that are available to the “small” contractor regarding taxation of long-term contracts
- Discuss how the choice of entity impacts taxation of contractors
- Learn how AMT impacts the construction industry
- Learn about IRC Sec 460 and “large” contractors
- Learn how “uninstalled materials” impact taxation of contractors
- Learn how the “look-back” rules impact contractors
- Learn how the “10% method” can allow certain contractors to defer recognizing taxable income
- Learn 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