Construction Tax and Reporting Issues After Tax Reform: Revenue Recognition, Contract Modifications

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A


Wednesday, October 23, 2019

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

Early Registration Discount Deadline, Friday, September 27, 2019

or call 1-800-926-7926

This webinar will prepare tax professionals and advisers working with large and small construction contractors and home builders. The panel will explain book and tax accounting methods for contractors, how to implement the most recent revenue recognition standards and deal with contract modifications, cost-savings strategies, and the IRS initiative targeting contractors.

Description

The release of ASC 606, Revenue from Contractors with Customers and the five-step revenue recognition model changed the way revenue is recognized for contractors. This coupled with the 2017 tax legislation modification to IRC Section 451 requiring revenue recognition for tax purposes no later than the taxable year in which income is included in revenue on the taxpayer's "applicable financial statement" creates a higher tax burden for contractors.

At the same time, the 2017 tax reform provided some relief by raising the threshold for using the completed contract (CCM) or cash method for small contractors from $10 million to $25 million. Although the percentage complete method provides a more realistic method of reporting of income, it is substantially more complicated than other bookkeeping methods. Being sure your client's business qualifies for the CCM is more critical than ever since the IRS's latest Large Business and International campaign targets land developers incorrectly using the CCM to defer income recognition.

Listen as our panel of experts discusses applying the new revenue recognition standards, handling GAAP and tax reporting differences, and making sure your construction business client is maximizing depreciation and job cost deductions after tax reform.

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Outline

  1. Accounting considerations for construction contractors
    1. Percentage complete vs. completed contract method
    2. ASC 606
    3. Contract modifications
  2. Tax considerations for construction contractors
    1. Small contractor methods: cash and CCM
    2. Syncing tax and book under Section 451
    3. Avoiding or preparing for the IRS
    4. Depreciation after tax reform
    5. Maximizing other deductions after tax reform

Benefits

The panel will address these and other relevant matters:

  • Recognizing revenue under the new standards
  • Properly handling contract modifications for book and tax methods
  • Selecting the appropriate tax and accounting reporting method
  • Maximizing depreciation deductions after tax reform

Faculty

Ferri-Carlo
Carlo R. Ferri

Director, Tax Strategies
Kreischer Miller

Mr. Ferri has extensive experience providing tax and business advisory services for privately-held companies in various...  |  Read More

Guillaume, Mark
Mark A. Guillaume, CPA, CIPM

Director, Audit & Accounting
Kreischer Miller

Mr. Guillaume provides business advisory, audit, and accounting services to clients in a variety of industries,...  |  Read More

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