COR1916. Tax Accounting Method Changes Under the TCJA for Contractors

Track: 
Tax - Construction
Field of Study: 
Taxes
CPE Credit: 
1.5
Knowledge Level: 
Basic
Advanced Preparation: 
None

Thursday, December 5, 2019
 
2:30pm-3:45pm

The new tax law expands eligibility criteria for many contractors to use the completed contract method of accounting, the overall cash method of accounting, and several other opportunities. Meanwhile, the new tax law requires changes to basic tax revenue recognition principles under section 451. The following topics will be explored:

- Eligibility for the overall cash method of accounting and changes under Rev. Proc. 2018-40

- Eligibility for an 'exempt contract' method of accounting (e.g., completed contract) and changes under Rev. Proc. 2018-40

- Relevance of other accounting methods and changes involving inventory and section 263A under Rev. Proc. 2018-40

- Interaction of new accounting method opportunities with revenue recognition principles under section 451(b)
Learning Objectives:

  • Attendees will be able to leverage tax accounting method opportunities for contractors to proactively plan for tax minimization strategies- Attendees will be able to apply these new opportunities appropriately in relation to other guidelines concernin
  • Attendees will be able to apply these new opportunities appropriately in relation to other guidelines


SESSION SPEAKER(S)

CPA
Director, National Tax Office | CBIZ