Fundamentals of Construction Taxation will cover the unique income tax issues surrounding construction contractors. We will cover practical and real life examples in a manner that allows easy understanding of the basic concepts and relevant issues encountered by contractors including: identifying long-term contracts, income recognition under the percentage of completion, income from completed contracts, other exempt long-term contracts, cash vs. accrual methods of accounting, the application of look-back interest, alternative minimum tax issues related to completed contracts, and the qualified business income deduction under 199A.
Recognize the basics of tax accounting concepts and methods available for construction contracts
Identify significant book (GAAP)/tax difference inherit in accounting for construction contracts
Recognize the basics of the importance of job costing and cost of goods sold