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New IRS Construction Industry Audit Guide Issued
A Federal Construction and Procurement E-Alert from

 

Authors: Bruce P. Ely and Christopher R. Grissom

Late Thursday, with little fanfare, the Internal Revenue Service posted to its website its revised Examiners' Audit Technique Guide for the construction industry. The guide is over 150 pages in length, but we commend it to your reading. As Ben Franklin once said, "an ounce of prevention is worth a pound of cure."

The guide covers both small and large construction contractors, and includes discussions on long-term contracts, look-back interest issues, financial accounting as opposed to tax accounting, joint ventures, changes in methods of accounting and square-footage costs for various items - and most interestingly, contains an exhaustive set of questions - some of them troubling - that an IRS agent should ask each contractor under audit. It also includes a helpful summary of federal law and guidance pertaining to construction contractors, at least from the IRS' perspective.

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New Webinar Announced!
Banking and Bonding

Webinar brought to you by ABC National & ABC-Alabama Chapter

______________________________________________________________________________________

Date: Wednesday, July 15
Time: 11 a.m. (ET) / 10 a.m. (CT) / 9 a.m. (MT) / 8 a.m. (PT)
Length: 75 minutes
Registration Fee: $99
Speaker information will be available closer to the event date.

Register here:
https://www.bostonconferencing.com/abc/register  

Who Should Attend

  • Contractors
  • CEOs/Owners
  • COOs/CFOs
  • Senior Managers
  • Financial Managers
  • Anyone interested in learning about the industry and its bonding practices!

Read more...
 

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Associated Builders and Contractors, Inc. | 1830 28th Avenue South, Birmingham, AL 35209
Phone 205.870.9768 | Fax 205.879.5090

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