Construction Accounting

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Construction Accounting
 

1. Construction Accounting (2 hour)
   • Percentage of completion vs Completed contract Accounting methods
   • Small Contractor’s exemption under 25 mil
   • Under and Over billings supplementary schedules
   • Accounting for spec homes vs homes under contract
   • Book vs Tax
   • Cash vs Accrual
   • Internal Controls
     • Fraud Triangle (Need, Opportunity, Rationalization)
2. Tax Reform (2 hour)
   • Small contractor’s exemption
   • 199 A
   • Section 263A (Overhead allocation)
   • Depreciation/ Bonus Options
   • Available Credits
     • Enterprise Zone Tax Credits
     • Opportunity Zone Credits
3. Entity selection (1 hour)
   • Landholding companies
   • Taxation Differences (calculations)
   • Liability differences
4. Software for Construction (1 hour)
   • QBO
     • Budgeting and Estimates
     • Reporting
       • By class
   • Software Apps