Perry McGowan

Tax Director
CLA

Perry McGowan is a professional tax advisor with CLA. He practices with in the firm’s construction and real estate practice group in Minneapolis, Minnesota, providing advisory services focused on the tax planning issues of real estate owners, designers, and builders. With more than 35 years of practice experience in the Twin Cities, Perry works with small and family owned businesses and their CPAs on thoughtful tax strategies, transaction design, and tax risk analysis. His client services include large compliance and complex transactional work with businesses in the construction and real property industries, and architectural and engineering firms.

Technical experience

  • Accounting periods and methods
  • Entity structure
  • Depreciation and cost capitalization
  • Construction industry taxation
  • Real Estate tax planning

Education/professional involvement

  • Bachelor of Science in Accounting from the University of Minnesota-Minneapolis
  • Master of Business Taxation from the University of Minnesota-Minneapolis
  • Juris Doctor from Hamline University in Minneapolis, Minnesota
  • LL.M from William Mitchell College of Law in St. Paul, Minnesota
  • American Institute of Certified Public Accountants
  • Minnesota Society of Certified Public Accountants
  • American Bar Association (ABA), Member
  • Minnesota State Bar Association
  • Hennepin County Bar Association

Why Can't We All Get Along? Transformative Tax Accounting vs New GAAP

A tax-planner’s perspective on how recently changed tax accounting methods present new opportunities and complexities while new GAAP accounting for revenue and leasing simultaneously emerge. A mixture of evolving and colliding accounting systems (and legislative proposals) confront the construction industry. Look for an intriguing discussion of tax accounting methods and legislative developments that challenge traditional practices of book vs tax recognition and deferral. In a new landscape of accounting strategies, GAAP is only the beginning.

Learning Objectives

  • Appreciate how new GAAP revenue recognition challenges tax accounting
  • Understand and use exemptions to PCM for taxable income reduction
  • Recognize new hot topics for contractor tax deferral and exemption
  • Gain perspective on evolving state tax issues for construction
  • Identify new and developing tax legislation in a superheated Washington atmosphere

Who should attend

CFOs and business owners engaged in long term construction contracting

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