- NY Credits : 7.0
- TX Credits : 7.0
- CTEC Credits : Federal Tax Law - 4.0
- IRS Enrolled Agent Credits : Federal Tax/Tax Related Matters - 4.0
- IRS Non-Credentialed Return Preparer Credits : Federal Tax - 4.0
This interactive self-study course examines the taxation of construction contractors. Lesson 1 discusses tax laws that affect construction contractors and important considerations for small contractors. Lesson 2 examines the allocation and capitalization of costs for construction contractors. Lesson 3 discusses the percentage-of-completion method, as well as determining current income taxes and alternative minimum tax. Finally, Lesson 4 takes a look at the application of the look-back rules, deferred taxes, and additional tax issues faced by construction contractors.
Course Expiration Date: July 31, 2022
Please note, the grading fee for answer sheets submitted by regular mail is $119.
Identify the provisions of tax law that affect construction contractors and the accounting methods available to small contractors.
Recognize the rules for cost allocation, costs that should be capitalized, and which methods should be used to allocate costs to contracts.
Identify the percentage-of-completion method and make relevant calculations.
Determine a construction contractor's current income taxes, calculate pre-TCJA AMT, and describe how AMT affects construction contractors.
Recognize issues related to look-back and how it affects construction contractors.
Determine the appropriate accounting for deferred taxes and uncertain tax provisions.
Identify other taxation issues that construction contractors face.
Lesson 1—Tax Law for Construction Contractors and Considerations for Small Contractors
Lesson 2—The Allocation and Capitalization of Costs
Lesson 3—Using the Percentage-of-completion Method and Calculating Current Income Taxes and AMT
Lesson 4—Look-back Rules, Deferred Taxes, and Other Tax Issues Related to Construction Contractors