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.
<li<span style="font-size: 16px; font-family: Times New Roman"Understand the myriad of laws and regulations and how they impact taxation of construction contractors</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Understand the many options available in order to reduce or defer recognizing taxable income regarding the construction industry</span </li</span</ul</ul
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<li<span style="font-size: 16px; font-family: Times New Roman"Learn what property is subject to IRC Sec 460</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Understand how home builders and residential contractors are exempt from IRC Sec 460</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Learn how to qualify for the “small contractor exemption” and its advantages to the taxpayer</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Learn the various options that are available to the “small” contractor regarding taxation of long-term contracts</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Discuss how the choice of entity impacts taxation of contractors</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Learn how AMT impacts the construction industry</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Learn about IRC Sec 460 and “large” contractors</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Learn how “uninstalled materials” impact taxation of contractors</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Learn how the “look-back” rules impact contractors</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Learn how the “10% method” can allow certain contractors to defer recognizing taxable income</span
</li<li<span style="font-size: 16px; font-family: Times New Roman"Learn critical tax planning strategies for contractors</span </li</span</ul</ul
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Previous experience in the construction industry or in providing service to construction clients
CPAs who either work for or represent construction contractors who are looking for ways to reduce taxable income