Tax Issues of the Homebuilder

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Overview

4.0 Credits
ONLINE

Receive clear insights on how to approach compliance with costing rules, avoiding IRS audit adjustments. Obtain the most beneficial tax result for the homebuilder/developer.

Taxation of homebuilding contractors has been subject to IRS scrutiny, particularly in complying with cost capitalization issues and revenue recognition and costing out for units sold. Participate in an in-depth analysis regarding the tax accounting methods for homebuilding activities including the application of IRC Section 263A–uniform capitalization requirements and IRC Section 461–economic performance.

Objectives

Recognize the applicable revenue recognition and costing methods required for homebuilding activities.

Major Topics

  • Walkthrough of costing methods and compliance issues under IRC 263A
  • Analysis of IRC 461 related to economic performance
  • Illustrative examples and analysis
  • Sample computations for homebuilder unit costing
  • Recent IRC 263A challenges by the IRS
  • Update of related cases and issues - including 2017 Tax Reform Act 

Designed For

CPAs and tax professionals.

Prerequisite

Recognize the applicable revenue recognition and costing methods required for homebuilding activities.

Advanced Preparation

None.