This presentation will focus primarily on the fundamentals of construction taxation, which include:
Internal Revenue Code Section 460
Large and small contractors
Income tax accounting methods available to contractors
Changes in accounting methods
Tax law changes and updates impacting the contractor.
Attendees will become familiar with the significant book (GAAP)/tax differences inherent in accounting for construction contracts. Attendees will learn to recognize revenue deferral opportunities that can help their clients/employers better manage cash flow attributable to tax obligations