Construction Industry

The construction industry is a 500 billion dollar sector of the US economy.  The construction industry is not only instrumental with growth but it is one of the largest employers too.

Contractor’s Audit Guide – Introduction to IRS Audits

Construction Tax Audit

In 2009, the Internal Revenue Service issued the Construction Industry Audit Technique Guide (ATG) for use by IRS agents and for contractors.   The contractor’s audit guide explains the processes and methods the IRS uses to examine a contractor.   The end goal is to verify actual taxable income over an assigned tax year for a contractor.   The IRS recognizes that this industry is complex and utilizes multiple methods to establish revenue and net profits.   It is so complex, the guide is 257 pages long.

This article introduces the guide and its major sections and how to understand what areas are applicable to your construction company.

Open Job Cost Status Report

Open Job Cost Status Report

The Open Job Cost Status Report identifies a project’s actual costs of construction, amounts borrowed or financed, and any customer payments made to date. The net result is the contractor’s net investment into the respective project.

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