Adoption of ASC 842 and the Impact of COVID-19 on Lease Accounting
Lease accounting continues to be challenging for both public and private companies. Private company real estate lessors and lessees face additional challenges relating to ASC 842 implementation including the effects of the coronavirus.
Learning Objectives
Understand how private company real estate lessors and lessees will adopt ASC 842
This session will provide an inside look at Washington, D.C. and its continued dysfunction, and what the spending decisions, tax debate, infrastructure proposals, health care changes, and pension and retirement reform mean to companies competing to be profitable in the construction industry. Matt Turkstra of the Associated General Contractors of America looks at the construction policy agenda in Congress for this fall and how the 2020 Presidential election will impact the legislative agenda for Congress and the Administration in 2020 and beyond.
Learning Objectives:
Understand political trends driving decision making in Washington, DC and beyond.
Identify policy priorities of the incoming/second term Presidential administration and the next Congress.
Understand the impact of 2021 fiscal policies on construction employers.
Join, David Manica, president of Manica Architecture to hear about insights into the design, construction, and opening of the new Allegiant Stadium, home of the Las Vegas Raiders.
Click here to watch a behind the scene tour to learn more about the stadium before the presentation
In this session, we’ll examine the latest developments impacting a taxpayer eligible to elect out of the interest limitation rules of Section 163(j) as a “real property trade or business.”
Identify those taxpayers who may elect out of Section 163(j) as a real property trade or business,
Understand the consequences of such an election for a taxpayer who makes the election in the first year it would otherwise be subject to Section 163(j).
Understand the consequences of such an election for a partnership who makes the election in a year after in which it passed out excess business interest expense.
Identify the one-time opportunity afforded by Rev. Proc. 2020-25 to undo a previous Section 163(j)(7) election.
Although construction companies may not be the prime target of many tax credits and incentives, contractors should not assume that their activities will not be eligible for certain tax benefits. Further, contractors need to be knowledgeable of credits that may be available to their prospects, which will help with developing new business. This session will explore potential tax credits and incentives available at the federal and state level for construction contractors as well outline the types of credits and incentives available to property owners and developers in which a contractor should be well versed. Finally, the speakers will also touch on state sales and use tax exemptions that contractors need to be aware of so they can properly and competitively bid on projects.
Learning Objectives:
Identify expenses that may qualify for a federal income tax credit and/or incentive
Understand how certain federal credits and/or incentives available to property owners and/or developers may impact a contractor’s approach to a proposal or project
Recognize common business activities or project types that may make a contractor eligible for a state or local tax credit or exemption
Learning Objective:
Recognize common business activities that may make a contractor eligible for a state or local tax exemption or credit