Construction Contractors: Critical Accounting, Auditing and Tax Issues
8.00 Credits
Member Price $300.00
Price will increase by $50 after 10/13
Non-Member Price $350.00
Price will increase by $50 after 10/13
Overview
MISSOULA CLUSTER CLASS
Accounting and financial reporting for construction contractors may be the most difficult area to be in compliance with the various standards. Construction engagements are, in many instances, more "dangerous" than most lines of business due to the many users of financial statements. In this course, we will discuss why construction accounting and financial reporting are so complex and discuss the relationship between the contractor and the surety, both from an underwriting and claims perspective. We will also explore what the surety looks for in order to maximize potential bond credit, and we will discuss key areas of tax compliance concentrating on those areas which make construction unique, including the impact of recent tax legislation.
This course also has a VIRTUAL option. Please see 'MTCPA Webcasts' tab on the CPE page.
HOTEL
MTCPA has a room block at the DoubleTree by Hilton Missoula-Edgewater on 11/2-3/2025-. Please reference "Montana Society of CPAs Cluster Classes" when calling to book. 406-728-3100. Standard Room: $169 + tax. Rate available until 10/12/2025.
Highlights
- Overall landscape of the construction industry
- GAAP and recent changes affective the construction industry
- The Revenue Recognition Standard and its impact on the construction industry
- The unique relationship between the contractor and the surety
- Tax compliance issues facing construction contractors, including CTA reporting
- Ongoing and new tax issues for construction contractors
- Going concern disclosures and their importance to the construction industry
- The lease FASB ASC and its impact on the construction industry
Prerequisites
Previous experience in the construction industry or in providing service to construction clients
Designed For
Practitioners who have construction clients and professionals in the construction industry who need to be up to date on the latest information.
Objectives
After completing this course you will be able to . . .
- Apply accounting and financial reporting standards to construction contractors
- Perform audit and review engagements for construction
- Identify tax compliance issues unique to the construction industry and apply the latest changes
Preparation
None
Leader(s):
Leader Bios
Thomas Sheets, Thomas M Sheets PC
Thomas M. Sheets, CPA Individual Practitioner/Enid, Oklahoma Tom Sheets is a Certified Public Accountant with over 34 years experience in auditing, accounting and tax return preparation for businesses and individuals. He provides consulting, accounting and tax services for a wide variety of individual clients and industries including banks, construction contractors, and non-profit organizations. Mr. Sheets was with a Big Eight accounting firm for 2 years; a large, local CPA firm in Enid, Oklahoma for 15 years before establishing his own consulting, tax and accounting practice eighteen years ago. Mr. Sheets has written seminars on bank auditing, audits of construction contractors and information systems control and auditing. He has lead seminars on various accounting, auditing and tax topics including compilation and review, real estate accounting, construction contractors, bank auditing, and tax issues for nonprofit organizations.
Non-Member Price $350.00
Member Price $300.00