- Establish a strong foundation in the basics of construction industry accounting, auditing and taxation
- State of the construction industry
- Federal tax planning and update for contractors
- Top 10 lessons from the contractor's front line affecting the bottom line
- Sales tax in the construction industry
- Succession planning
- Cloud migration of accounting and management functions for contractors
- Revenue recognition
Focus on the basics of the industry and the unique approach to auditing. It's great for your new staff to attend or your old staff to remember.
The employment of proper construction tax methods are a basic that is often elusive even for large contractors, while the mastery of best deferral tax accounting methods is often not achieved, or easily forgotten. Contractors are permitted to employ multiple tax accounting methods, at the same, time depending on: (1) the type of contracts, (2) the words within the contract, (3) the state the contract is located, (4) the revenues of the contractor and its aggregated entities, (5) the length of the contract, and (6) the elected or employed basic method and (7) long-term methods of accounting. Additionally, once chosen, a contractor's tax methods may or may not be able to be changed, depending on the IRS perspective, which continues to evolve from year to year. In our brief but fundamentally unpacked time alloted we will review the basics and touch on mastery of tax accounting methods, and their related change in methods, focused on the construction industry.
Following nearly nine years of sustained growth, the Central Florida economy was severely challenged in March and April of 2020 with the COVID-19 worldwide pandemic. Major construction owners, like theme parks, hotels and airports saw their business come to a grinding halt.
It is now a year later. Has 2021 returned to ""normal"" or is construction and development still feeling th results of COVID? This presentation will look at the employment trends, sector health and the opportunities for construction in the past year and trends for the future.
This session covers the latest issues in federal tax for contractors. Issues included are (1) The PPP and contractors loan forgiveness, or else, (2) What the Biden administration wish list on tax changes, (3) What's happening with the state tax $10,000 deduction limitation work around for several states and how partnerships and S corporations must handle to successfully deduct, (4) the TCJA regulations update, (5) the latest on tax method potential changes for contractors (those with less than $26MM AAGR and large contractors over that threshold, and (6) the issue of material inventories and related contractor tax issues.
In this session, Jim Bourke will discuss technology’s role in keeping our profession functional and relevant. The recent pandemic forced change onto our profession and with that change came massive disruption on how we do business and collaborate with our clients.
We will all agree that selecting the “right” technologies was a recent differentiator in an organization’s ability to survive. Some in our profession struggled with client service, some encountered challenges with a remote workforce while others did not miss a beat.
Jim will share his perspective on what he witnessed during this period of change – the good and the bad, and he’ll share some of the best practices for technology in our space around technology and innovative solutions in this new world.
You’ll walk away from this session with a new appreciation and awareness about some of the unique technologies that are ready to take our profession to the next level as well a clear directive to your IT support personnel on the technologies and platforms that should currently be under consideration to allow your practice to function whether your staff are working in the office or working remotely.
Get reintroduced at a high level to the revenue recognition standards as they apply to contractors. Explore the anticipated pandemic impacts to construction revenue recognition for the upcoming reporting year, including a discussion on consideration of management estimates with respect to things like labor shortages and shutdowns, supply chain disruptions and delays to the construction sites. Lastly, this session will touch upon the importance of maintaining auditor independence as we advise our construction clients on revenue recognition.
Sales tax and use tax are the two (yes, two) most illusive taxes in the construction industry. Everyone has an opinion about sales tax, but very few really know what they are talking about. Learn from a CPA/attorney who not only owned two construction companies, but also who now practices almost exclusively in sales and use tax controversy!
The industry continues to change and the potential impact on a contractors financial statements bears watching. In this program we will look at the implementation of Rev Rec 606, discuss the upcoming Lease accounting, and review the auditing challenges faced by the construction CPA.
Our panelists will wind up the conference by leading a lively Q&A session focused on best practices in accounting, auditing and other areas affecting our profession and the construction industry. Questions from attendees are encouraged in advance or live.
The Virginia Society of CPAs (VSCPA) 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 final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBARegistry.org.