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Don’t Wait for an IRS Letter

Construction Business Owner

Do your business practices expose your construction company to potential IRS penalties? The implications of how you report revenue or account for your labor force can vary from year to year and change when certain financial milestones are achieved. Does your CPA keep you informed of the benefits available to your business?

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NAHB Request Prompts Extended COVID-19 Relief From IRS

Pro Builder

NAHB Request Prompts Extended COVID-19 Relief From IRS. A recent announcement by the IRS offers extended relief from some residential housing requirements. On January 11, the IRS released Notice 2022-05 , which grants extensions for COVID-19 relief and addresses additional support to be allocated post-pandemic.

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The Right Way to Avoid Tax Audits

Construction Business Owner

The Right Way to Avoid Tax Audits ccapoccia Thu, 09/28/2023 - 08:39 While the IRS’s own figures reveal that, in general, it only audits 1% or 2% of all taxpayers each year, the threat of an audit continues to strike fear into every construction business owner.

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IRS Extends 2019 Income Tax Payment Deadline—States Soon to Follow

Best Practices Construction Law

No special filing with the IRS is required for this payment extension. The payment extension announced for the IRS is not a tax return filing date extension. With the IRS announcement, states are expected to follow suit, and to announce their own extended payments dates. The announced payment extensions are limited, however.

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The TCJA Legislation Driving IRS Code Reform in 2019

Construction Business Owner

The Tax Cuts and Jobs Act of 2017 and how it will cause tax reform in 2019.

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IRS Hikes Proposed Caterpillar Tax Penalty To $2.3 Billion

Construction Equipment

Securities and Exchange Commission on Thursday and said that the IRS completed its examination of Cat’s U.S. Caterpillar posted its annual 10-K report filed with the U.S. income tax returns for 2010 to 2012 and has increased its proposed tax penalties to approximately $2.3 billion for the 2007 through 2012 audits.

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IRS OKs Alternative Fuel Tax Credit for 2015

Construction Equipment

If your fleet includes propane-powered forklifts or other propane autogas fueled vehicles, the new IRS directive may help cut your taxes. IRS has released guidance on how to claim the federal alternative fuel tax credit, which was retroactively extended on Dec.

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