Tag: Construction
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Contractor’s Audit Guide – Introduction to IRS Audits
In 2009, the Internal Revenue Service issued the Construction Industry Audit Technique Guide (ATG) for use by IRS agents and for contractors.
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The Contractor Subcontractor Relationship – An Understanding
With construction, no other mutual bond has such a high dependency on each other as the contractor subcontractor relationship. If the relationship is developed properly and with a mutual understanding, it can be very successful.
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Profit Standards for Residential Contractors
Profit standards for residential contractors vary depending on the type of contractor. In general, the net profit standard for contractors in the upper tier of performance range from 5.8% to as high as 9.6% of sales.
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Work in Process as a Control Account
A control account in the Chart of Accounts is used when there is a need to separate multiple third parties with a similar function. Work in process works perfectly as a control account.
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Roofer – Business Dynamics
Business dynamics for roofers depend heavily on labor to accomplish their task. They are also highly susceptible to weather conditions and dangerous variables.
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Phase Codes and Cost Codes with QuickBooks and Construction Accounting
Phase codes are functional groups of costs with the residential construction industry.