November 12, 2021 8:00am – 3:30pm Map & Directions 602-252-4144

Webcast: Construction Contractors - Special Tax and Accounting Considerations

Online registrations are currently closed, please call (602) 324-6847 for additional registration options

Description

This program explains and illustrates special accounting and auditing issues related to the construction industry, contractor specific disclosure rules, and current accounting and auditing developments. On the tax side, the program examines the similarities and differences of tax and financial reporting for percentage of completion and completed contract method, and other permitted methods of accounting. Adjustments for the "look-back" rules will be considered under various scenarios. Practical application is provided through audit program examples and financial statement presentation and disclosure issues.

Location

ASCPA Live Online Webcast
Phoenix, AZ 85034-6617

Registration Time

7:30am

Fees

Member:
$300
Non-CPA Staff:
$400
Non-CPA Staff (100% club):
$300
Non-CPA Staff (sole proprietor):
$300
Non-Member:
$400
Webcast
8

Objectives

Participants will be able to:

  • Understand the definition of "long-term contract".
  • Present a contractor's financial information in accordance with U.S GAAP.
  • Calculate a contractor's bonding capacity.
  • Calculate "look-back" adjustments to taxable income.
  • Apply IRC Secs. 263A and 460 to cost accumulation.
  • Efficiently audit a contractor.
  • Plan financial and tax transactions to assure maximum bonding capacity.
  • Advise contractors on how business decisions affect financial statements and tax returns.
  • Comply with new tax and accounting rules.

Course Level

Intermediate

Vendor

Kaplan Development Group More With This Vendor

Designed For

CPAs in public practices and accounting and financial professionals in the construction businesses who prepare tax returns, are responsible for financial statements, and provide tax and financial advice to construction contractors.

Prerequisites

None.

Event Leaders

Zollars, Edward K.

Rating: 4.85


Edward K. Zollars, CPA, is in public practice in Phoenix, Arizona as a partner with the firm of Thomas, Zollars & Lynch, Ltd. He has been in practice for more than 35 years, specializing in tax issues for closely held businesses and individuals.

Zollars has been professionally involved with both tax and technology issues, combining the two disciplines in producing the Current Federal Tax Development Update Podcast and website, dealing with current tax issues. He has been a member of AICPA Tax Division Committees focusing on tax and technology issues and was the Tax Section’s representative on three occasions to the AICPA’s Top Ten Technologies project. He is also a member of the Phoenix Tax Workshop’s Advisory Committee and currently serves on the Tax Legislation Liaison Committee for the Arizona Society of CPAs. Zollars was selected as a Life Member by the Arizona Society of CPAs in May, 2010.

Along with writing, editing and presenting courses for Loscalzo Institute, Zollars has written articles published in Practical Tax Strategies and the Tax Adviser. He has been a frequent contributor to a number of professional tax discussion groups, and served as systems operator on the AICPA’s Accountants Forum in the mid-1990s.

He has spoken regularly on tax and technology topics since 1996, speaking before conferences sponsored by the AICPA and a number of state societies of CPAs.


More With Zollars, Edward K.

Highlights

Accounting:

  • Over and under billings.
  • New revenue recognition standard and new lease standard for contractors.
  • Consolidation of variable interest entities.
  • Deferred income taxes.
  • Disclosure of risk and uncertainty.
  • Audit program for contract related items, applying risk analysis to contractors'operations and required disclosures.
Tax:
  • Cash versus accrual.
  • Accounting methods available to small contractors.
  • Percentage of completion vs. completed contract.
  • AMT.
  • Sec. 460 regulations on accumulation of contract costs.
  • Homebuilder/developer regulations, the qualified business income deduction, expanded small contractor relief and the IRS Audit Techniques Guide for the construction industry.