Construction Contractors: Special Tax and Accounting Considerations Webinar

• Identify accounting and auditing issues related to construction contractors, including required disclosures; proper financial statements and key supplemental information; and control systems.
• Recognize standard tests for bonding capacity and determine audit risk in financial statements of contractors.
• Calculate and report liability amounts associated with uncertain tax positions and track annual changes.
• Determine the characteristics of relationships between service provider and service recipient that are indications of employer/employee relationship.

• Over/under billings; cost allocation and recognition; and "profit fade," accounts receivable and retainage.
• Consolidation of variable interest entities.
• Regulatory issues—FASB Interpretation No. 48: Accounting for Uncertainty in Income Taxes and Sec. 460 related to small contractors.
• Risk and uncertainty disclosure.
• Tax: Cash vs. accrual; look-back rules; AMT
• Available accounting methods to small contractors.
• Percentage of completion vs. completed contract.
• Homebuilder/developer regulation.
• Qualified Domestic Production Deduction.
• Independent contractors vs. employees.