Training Course
Syllabus:
This seminar will provide valuable information on current tax and accounting issues affecting construction contractors. The program will update financial professionals and management personnel in the construction industry on tax-related issues pertinent to their companies. Seminar attendees will gain insight and learn solutions to these issues.
Seminar highlights:
- Tax issues for C corporations, S corporations and LLCs
- Recent depreciation changes
- Cost segregation issues
- Changes in methods of activity
- Completed contracts versus percentage of completion
- Minimizing look-back interest
- AMT solutions
Learning objectives:
- The attendee will be able to discuss direct and indirect costs.
- The attendee will be able to identify limits on use of net operating losses.
- The attendee will be able to review post-completion revenue and expense.
8:30 a.m. - 9:20 a.m.
I. Accounting Recognition Of Change Orders And Claims
A. Accounting For Approved Change Orders
B. Guidance For Accounting For Unpriced Change Orders
C. Accounting For Claims
9:20 a.m. - 10:10 a.m.
II. Production Deduction
A. Who Is Eligible?
B. Production Activity Income
C. Domestic Production Gross Receipts
D. Effect Of Pass-Through Entities
E. Limited Deduction Based On Wages And Taxable Income
10:10 a.m. - 10:20 a.m.
Break
10:20 a.m. - 11:30 a.m.
III. Managing Look-Back Interest
A. How To Calculate Look-Back
B. Determining Final Completion And Acceptance Of Long-Term Contracts
C. Post-Completion Revenue And Expense
D. Ten Percent Deferral Method
E. Non-Closely Held Pass-Through Entities
11:30 a.m. - 12:00 p.m.
IV. Federal And State Tax Update
A. Recent IRS Cases
B. Maryland And Adjoining States
C. Trends From State Legislatures
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
1:00 p.m. - 2:00 p.m.
V. Tax Strategies For Multi-State Contractors
A. Apportionment Of Income
B. Limits On Use Of Net Operating Losses
C. Special Purpose Entities
D. Sales Tax Issues
2:00 p.m. - 3:00 p.m.
VI. Construction Joint Ventures And Use Of Pass-Through Entities
A. Proper Reporting
B. Method Of Accounting
C. Related Party Rules
D. Termination Of Venture
3:00 p.m. - 3:10 p.m.
Break
3:10 p.m. - 4:00 p.m.
VII. Allocation Of Overhead Costs
A. Distinguishing Between Direct And Indirect Costs
B. Developing A Practical Methodology To Apply Overhead To Specific Jobs
C. Managing Overhead To Improve Profitability
4:00 p.m. - 4:30 p.m.
VIII. Accelerated Recovery Of Building Costs
A. Revenue Procedure 2004-11
B. Changes In Methods Of Accounting
C. State Depreciation Differences
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