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Tax Audit - Construction Industry Edition Ebook

Construction Industry Edition

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E-book Category: Business, Law
E-book Title: Tax Audit - Construction Industry Edition
Book Description: Overview of the industry including a glossary. Discusses types of contracts; types of contractors (large, small, home builder); change of accounting method; and joint ventures

TABLE OF CONTENTS

Chapter 1
Introduction to the Construction
Industry Intended Audience 1-1
The Construction Industry as a
Market Segment 1-1
Participants in the Construction Industry 1-1
Contractors 1-1
General/Prime Contractors 1-2
Construction Managers 1-2
Commercial Contractors 1-2
Commercial Project Owners 1-3
Residential Construction Developer 1-3
Subcontractors 1-3
Highway Contractors 1-4
Heavy Construction Contractors 1-4
Architect/Engineers 1-4
Material Suppliers 1-5
Construction Lenders 1-5
Surety Companies 1-5
Multiple Roles 1-5
The Contracting Process 1-6
Scheduling Subcontractors 1-7
Contract Income 1-7
Types of Contracts 1-8
Long-Term Contracts 1-8
Short-Term Contracts 1-8
Fixed Price or Lump Sum Contracts 1-8
Cost-Plus Contracts 1-8
Time and Material Contracts 1-9
Unit Price Contracts 1-9
Change Orders 1-9
Bonding 1-10
Building Permits 1-10
Notice of Completion 1-11

Chapter 2
Small Contractors Long-Term Contracts 2-1
Cash Method 2-1
Accrual Method 2-2
Percentage of Completion Method 2-2
Cost Comparison Method 2-2
Work Comparison Method 2-3
Completed Contract Method 2-3
Cash Versus Accrual 2-4
General Background 2-4
General Guidelines For Examiner 2-9
Alternative Minimum Tax 2-10
Potential Issues and Audit Techniques 2-10
Obtaining Audit Information 2-10
Income Recognition Issues 2-12
Income Omission Issues 2-13
Underreported Income 2-13
Miscellaneous Construction Issues 2-14
Schedule M-1 Adjustments 2-17

Chapter 3
Large Contractors Long-Term Contracts
Under IRC Section 460 3-1
Definition of Long Term Contracts 3-1
Contracts Subject to IRC section 460 3-2
Contracts Exempt form IRC section 460 3-2
Ten Percent Election 3-2
Gross Receipts Test 3-3
Simplified Cost-to-Cost Method 3-4
Revenue Earned Allocations Rules 3-4
Allocation of Costs to Long-Term Contracts 3-5
Special Rules for Cost-plus and Federal
Long-Term Contracts 3-11
Severing of Construction or Manufacturing
Contracts 3-14
Aggregation of Construction or Manufacturing
Contracts 3-18
Look-Back 3-20 Form 8697,
Interest Computation
Under the Look-Back Method for
Long-Term Contracts 3-21
Computation of the Look-Back Method 3-29
Information Generally Needed to Audit a
Construction Company 3-34
Suggested Audit Techniques 3-34

Chapter 4
Home Builders Home Construction
Contract Defined 4-1
Classes of Home Construction Contracts 4-2
Houses Built of Speculation 4-5
Houses Built under Contract on Contract's Land 4-7
Home Builder Building on Buyer's Land 4-7
Contractor Working for a Home Builder 4-7
Land Developer Estimated Cost of
Common Improvements 4-13
Interest Capitalization 4-16

Chapter 5
Change of Accounting Method What Is a
Method of Accounting 5-1
What Is a Change of Accounting Method 5-1
Identifying What Is Not a Change in an
Accounting Method 5-2
Correction of an Error 5-2
Change in Underlying Facts 5-2
Permanent Difference Not Involving Timing 5-3
Taxpayers Under Examination and Requesting
to Use Rev. Proc. 97-27 5-3
Example of Change in Accounting Method 5-4
IRC Section 481(a) Adjustment Calculation 5-6
Computation of the "Current Year Adjustment" 5-7
IRC Section 481(b) Tax Limitation 5-8

Chapter 6
Construction Joint Ventures Construction
Joint Ventures 6-1
Types of Joint Ventures 6-1
Joint Venture Examination 6-2
Information Document Requests 6-3
Potential Joint Venture Issues 6-4
Formation Issues 6-4
Operation Issues 6-5
Liquidation/Distribution Issues 6-5

Appendix
Appendix A, Section 460 Flowchart A-1
Appendix B, Cost Capitalization B-1
Appendix C, Notice 89-15 C-1

Glossary G-1

More...

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