User talk:BethAZ

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construction accounting

Hi, Beth, based on your bio you seem to know a lot about the construction industry. I've been doing taxes for 20+ years (CPA) and I have only one client in construction......so i thought I might bounce a thing or two off of you if that's OK....my client has gradually evolved from installing dimming systems and theatre lights in schools to much more complicated, longer term contracts (although always less than 2 years) for same, and I think at some point they should have started to use POC for revenue recognition.....they basically bill according to the AIA form and at year-end calculate as WIP material and labor costs not billed for.....also they would accrue any retainage not yet billed and the contractual amount for drawings/specs at year end

so I have 2 questions.....we were always doing the same for book and tax.....for financial reporting purposes (I have to do a review now), do they have to do POC, and for tax can they use they same method they were using? I've been researching this but am just getting more confused.... REMOVED E MAIL ADDRESS thanks so much in advance.....

construction accounting

forgot to sign

Lisasig 18:29, 6 August 2008 (CDT)lisasig

cash to accrual

Beth, I read some of discussions and I was wondering how things turned out for you with the contractor. I have a C-corp. contractor that is REQUIRED to change to accrual. I was wondering what you decided regarding: >spreading the income over the next 4 years.? >notification\documentation, if any, on the 1120.?

Appreciate any

tips you have!!

jim

CPA in CA

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