Improve your financial condition and learn how to combine the different accounting methods to get a better view of your construction business.
Financial reports do more than help you comply with the terms of the contract. Financial reporting can help you become more profitable by giving you the information you need to make smart management decisions. This topic will discuss three types of accounting - financial, tax, and internal/management. Learn how to combine the different methods to get a three-dimensional view of your construction business and improve your financial condition. This material will discuss the impact of the proposed Biden tax plan on the industry and strategies to protect company profits.
Learning Objectives
- You will be able to identify 3P and 3-D.
- You will be able to recognize contractor tax cuts.
- You will be able to discuss key industry impacts of the Tax Cuts and Jobs Act.
- You will be able to review how to develop a cost structure for improving profitability.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Financial Accounting
- Assuring Financial Integrity to Third Parties
- Unique Accounting Issues for Contractors
Tax Accounting
- Revenue Recognition Methodologies
- Long-Term Contract Exemptions
- Contractor Tax Issues
- Indirect Costs - Allocation Options
Internal Management Accounting
- Identify Key Indicators for Improving Performance
- Developing a Cost Structure to Improve Profitability
- Key Tools for Better Management
Impact of Proposed Biden Tax Plan on the Industry
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More Program Information
Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on September 21, 2021.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Theran J. Welsh, CPA
Playmaker, LLC
- Playmaker, LLC
- Focus is on helping contractors create shareholder value by understanding their cost structure to bid and win profitable work and ensure their tax structure is a model to support a sustainable organization
- He spends time with contractors to identify options for revenue reporting to reduce tax liability and identify industry-specific tax strategies to reduce tax liability, with the end goal of creating shareholder value
- His experience will help executives of construction companies identify the key performance measurements to pursue profitable work to sustain their organization
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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