Taxation of long-term contracts has evolved into a myriad of compliance requirements and reporting considerations. Understanding the complex and sometimes illogical rules is a specialty in itself. Learn the requirements 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 clear approaches to obtain the most beneficial tax result while meeting compliance requirements.
Recognize the applicable revenue recognition and accounting methods required for long-term contracts. Provide a detailed analysis of IRC Code Section 460, and related IRS Regulations in Section 1.460. Recognize compliance requirements and pitfalls including identification of available elections, including an analysis of which elections are most beneficial. Identification and analysis of significant "book vs. tax" differences.
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 2017 Tax Reform Act
CPAs, accountants and tax professionals.
Basic understanding of the tax accounting methods for long-term contracts.