All that to say — if you’ve struggled to keep your financial reporting accurate and up to date in the past couple of years, we understand. However, the government might not be so sympathetic. Even during a worldwide crisis, construction companies are responsible for correctly maintaining accurate bookkeeping and filing taxes.
However, legal obligations aren’t even the biggest hurdle for most construction companies; consistently turning a profit amid fluctuating costs is perhaps the biggest challenge. In times like these, the smartest thing you can do is ask for help. By outsourcing accounting and financial tasks to the certified public accountants (CPAs) at Tax Time CPAs, you have more time to focus on what matters: continuing to build our world.
Our Construction CPA Services
Not all CPAs have cross-industry experience, and many aren’t aware of the complexities of tracking and reporting within construction businesses. When you partner with our firm, you get an experienced construction CPA who understands the industry-specific needs of your company.
The IRS continues to scrutinize the “tax gap” — the amount between voluntarily paid taxes and the amount the tax agency believes is actually due.
To this end, the IRS has issued a series of documents to provide a better understanding of the tax code. One example is specifically directed at the construction industry.
The IRS emphasizes instances where taxpayers failed to report or under-reported income from construction activities. This applies to individual workers as well as contractors and subcontractors.
Tax Time CPAs can help you avoid the attention of the IRS, keep you compliant and help you identify ways you can save money by maximizing deductions.
Construction Industry Tax Services
No one likes doing their taxes, but if you own a small business, it can be a downright nightmare. Luckily, our business tax specialists can take a lot of stress off of your shoulders by providing many construction-specific tax services, including the following:
- Cost allocation
- Federal, state, and local tax planning
- Tax deferral maximization
- Alternative minimum tax planning
- Tax compliance
- IRS assistance
- Finding the best way to report taxable income on contracts
- Conducting cost segregation studies
- Multi-state tax consulting and return preparation
- Analyzing cost control reports