Description

Taxation of long-term contracts has evolved into a myriad of compliance requirements and reporting considerations. Understanding complex and sometimes illogical rules is a specialty in itself. Learn the essentials to address both tax and compliance. Based on many years of real estate and construction industry service, this course will efficiently plow through the many issues and provide precise approaches to obtain the most beneficial tax result while meeting compliance requirements.

Target Audience

CPAs, accountants and tax professionals serving the building industry.

Course Objectives

• Recognize the applicable revenue recognition and accounting methods required for long-term contracts
• Provide a detailed analysis of IRC Code Section 460 and pertinent sections of the related IRS Regulations in Section 1.460
• Recognize compliance requirements and pitfalls, including identifying general elections and analyzing which elections are most beneficial
• Identification and analysis of significant “book vs. tax” differences

Subjects

• Walkthrough of accounting methods and relevant elections under IRC 460
• Illustrative examples and analysis
• Review of pertinent cases and revenue rulings
• Update of other IRS activity, including recent Tax Reform

Prerequisites

Basic understanding of the tax accounting methods for long-term contracts.