Alternative minimum tax (AMT) is essentially a base-level percentage an individual taxpayer or S-corporation must pay the IRS, regardless of the credits and deductions they are entitled to. Contractors need to be especially mindful of AMT, as it can have a major effect on tax liability.
Long-Term Contracts and AMT
When reporting regular tax calculations, contractors that have average gross receipts under $25 million are able to account for their long-term contracts us Read More >>
The monthly work-in-progress (WIP) schedule your team puts together can be so much more than your financial statements. It can help you manage and plan throughout the entire year to better manage your jobs, maximize your profits, and assist with tax planning.
Make Sure Your WIP is Accurate
To start, make sure your WIP schedules are accurate. Your WIP is how you’re able to balance the billing of a project and its level of completion. Staying up-to-date with your billing on a pro Read More >>
Dennis Dlugosz, CPA is a Director and the leader of the Construction Services group.
Technological advancements have affected several industries, forcing businesses to adapt to these innovations or fall behind. Similar to other service related fields, construction has also been affected by these changes, which has promoted technological developments heavily within the past decade. Some of these advances include sustainable construction materials and diversify Read More >>