This session will provide an overview of state income tax basics to apply to construction contractors, real estate developers and professional service entities. 

Contracts are the backbone of the construction industry but also a significant source of financial risk. This session will focus on risk management strategies for contract negotiation, delivery method selection, preconstruction services, change orders, and retainage policies. Learn how CPAs can help clients minimize financial exposure and enhance documentation transparency. 

Revenue recognition continues to be a top compliance and advisory issue for CPAs in the construction industry. This session will dive into the complexities of ASC 606, including common pitfalls in contract modifications, variable consideration, and performance obligations. Real-world case studies will illustrate best practices for implementation and ongoing management. 

The construction industry faces unique challenges when adapting to changes in tax laws. This session will explore recent federal and California tax developments, including the Inflation Reduction Act’s green construction incentives, bonus depreciation updates, and key changes affecting the Qualified Business Income Deduction (Section 199A). We’ll also examine strategies for tax credit maximization and proactive tax planning tailored to the commercial construction sector.