Percentage of Completion

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • Snaggletooth
    Senior Member
    • Jun 2005
    • 3314
    #1

    Percentage of Completion

    What size is the threshold for a contractor to be before it is mandatory for percentage of completion method of revenue recognition?
    Tags: None
    • Lion
      Senior Member
      • Jun 2005
      • 4698
      #2
      https://corrigankrause.com/construct...e-section-460/

      https://www.law.cornell.edu/uscode/text/26/460


      A 2023 article: https://macpas.com/small-contractor-exemption/
      Last edited by Lion; 04-06-2023, 11:47 PM.

        Comment

        • Snaggletooth
          Senior Member
          • Jun 2005
          • 3314
          #3
          Thank you Lion, as usual. Apparently the article emphasizes the length of the construction contracts is more a factor than the size of the contractor. From what I've read in the article, the percentage would still apply because he's rarely been able to complete jobs under 12 months.

            Comment

            Previous template Next

            Disclaimer

            Collapse

            This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

            Working...