Sales Tax for Construction and Real Property Transactions: Tax Treatment of Contracts, Labor, and Building Materials

Note: CLE credit is not offered on this program

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


Thursday, December 17, 2020

1:00pm-2:50pm EST, 10:00am-11:50am PST

or call 1-800-926-7926

This webinar will provide tax professionals and advisers an in-depth analysis of state sales tax treatment of construction and real property transactions. The panel will discuss the taxation of construction labor and building materials permanently "attached" to real property, state law distinctions on the tax treatment of certain contracts, available tax elections and exemptions, and planning opportunities.

Description

Sales and use taxation of construction and real property transactions are difficult to grasp and requires strict compliance with state tax registration and reporting requirements. Tax professionals and advisers must identify key issues and carefully monitor the transactions and operations of contractors, buyers, and sellers of residential and commercial property.

Whether you're a tax professional who works for a construction company or for a business that enters into contracts with construction contractors, the tax treatment of these transactions can be subject to varying state-by-state tax rules. These sales and use tax rules can create issues for new construction, the renovation of an existing property, or the ongoing operation of a property.

Tax professionals, contractors, and other related parties must recognize the expenditures involved with a project to minimize unintended sales tax assessments, penalties, and interest. Also, understanding how contract pricing dictates state sales tax rules and strategies in challenging audit assessments is crucial.

Listen as our panel examines the common sales tax issues for construction and real property transactions, labor, and materials. The panel will also provide insight on how contract pricing can dictate the application of sales taxes and offer best practices for maintaining state sales tax compliance.

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Outline

  1. Tax treatment of construction and property transactions
    1. New construction and capital improvements
    2. Taxable vs. non-taxable works
    3. Available exemptions
  2. Tax registration and reporting
  3. Avoiding and managing an audit
  4. Best practices for tax professionals, contractors, and investors

Benefits

The panel will discuss these and other key issues:

  • The tax treatment of construction and real property transactions
  • Taxable versus non-taxable works and treatment of labor, materials, and other expenditures
  • Available sales and use tax exemptions
  • Maintaining compliance with state tax registration and reporting
  • Navigating the nuances of an audit and challenging assessments

Faculty

Bruns, Stephanie
Stephanie M. Bruns

Managing Associate
Dentons

Ms. Bruns' practice includes state and local tax planning and income, sales, and excise tax, as well as property...  |  Read More

Loyd, Mark
Mark A. Loyd

Partner
Dentons

Mr. Loyd's areas of practice concentration are state, local and federal taxation, tax litigation, tax controversy...  |  Read More

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