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Education
Specialized Knowledge Modules
Construction Taxation, Part 2
CFMA's
EDUCATION CALENDAR
Prerequisites ● Program Outline ● Learning Objectives ●
Who Should Take This Course? Return to Specialized Knowledge Module Main Page
Construction Taxation, Part 2: 8 hours 8 CPE credits
Building on the knowledge gained in Part 1 or through work experience, this course digs down into both complex and current taxation issues unique to the construction industry. Attendees receive a complete 200-page course/reference binder for Part 2 with additional information on the topics.
Level:
Intermediate
Prerequisites:
A good understanding of construction taxation principles and more than three years’ experience with construction taxation issues is recommended.
Program Outline
· Choice of Entity
§ C & S Corporations
§ Advantages & Disadvantages
§ Changing Entity Forms
· Changing Accounting Methods
§ For Cash, Accrual, CCM & PCM
· Problems, Special Considerations & Concerns
· Court Cases & Decisions
· Cost Allocation for PCM
§ What’s Included/What’s Not
Under §460
§ Timing of Costs
§ Allocation Rules
§ Direct & Indirect Costs
· Look-Back Method
§ AMT
§ Rules for Calculating
§ Discounting
§ Revenue Allocation Rules
§ Performing the Calculations
§ Carryover & Carryback
§ SMIM
§ Reporting
· AMT
§ Exceptions
§ Computations
§ Adjustments
· Severing & Aggregating Contracts
· Reasonable Compensation Issues for Contractors
§ Choate (discussed in detail)
§ Other Cases/Other Issues
· Mid-Contract Change of Contractor
· Interest Allocation
When you have completed this course, you will
be able to:
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Identify elective vs. required accounting method changes
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Explain the look-back method
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Discuss how recent tax regs, etc., impact long-term contracts
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Identify the red flags for current audit issues
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Discuss selected tax planning alternatives, exceptions, exclusions, etc.
Who should take this course?
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CFO, Controllers & CFMs who deal with tax issues
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Tax Managers
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Accounting Department Managers who deal with tax issues
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Accounting Department support staff who deal with tax issues
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CPAs and other professionals who need a better understanding of construction taxation principles and issues
Return to Specialized Knowledge Module Main Page
This is an intermediate-level course that provides 8 CPE credits in
the Field of Taxation. More than three years' experience and an understanding of
construction taxation fundamentals is recommended.
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The Construction Financial Management Association (CFMA)
is registered with the National Association of
State Boards of Accountancy (NASBA), as a sponsor of
continuing professional education on the National
Registry of CPE Sponsors. State Boards of Accountancy
have the final authority on the acceptance of individual
courses for CPE credit. Complaints regarding sponsors
may be addressed to the National Registry of CPE
Sponsors, 150 Fourth Avenue North, Suite 700, Nashville,
TN 37219-2417. Web site:
www.nasba.org. For information regarding
administrative policies such as complaints and refunds,
please contact Nancy Lambertson at 609-452-8000 or
e-mail
education@cfma.org. |
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