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Construction Company Tax Audits FAQ

February 14, 2020

What method of accounting should be used for a construction contract?

Percentage of Completion Method Prior to the Tax Reform Act of 1986, the construction industry could choose from various accounting methods with little restrictions.  However, after […]
February 14, 2020

What types of contracts are used in the construction industry?

  Short-Term Contracts A contract that begins and ends within the taxpayer’s taxable year is classified as a short-term contract. Under a short-term contract, construction costs […]