The IRS provides some very good resources for both contractors and the accounting professionals who support them, usually the problem is finding these items on the IRS website. Below is a list of items that I reference and provide to the contractors and accounting professionals that I work with.
These links will take you directly to the IRS website, with hopefully the most up to date information.
The Construction Tax Center – https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Construction-Tax-Center
- Tax Tips – Construction – This section provides important information on topics such as accounting methods, excise taxes, and energy credits.
- Avoiding Problems – This section contains important information on recordkeeping and warns you of fraudulent schemes.
- Tax Information for All Small Businesses -This section provides general small business information useful in all industries and professions. It includes links to small business products, employment taxes, electronic filing and paying, taxpayer burden reduction, abusive tax avoidance transactions, and many other topics.
- Worker Classification (Independent Contractor vs. Employees) – Are you or your help independent consultants or employees? Before you can know how to treat payments you make for services, you must first know the business relationship that exists between you and the person performing the services.
Tax Tips – Construction – https://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Tax-Tips—Construction
- Accounting for Construction Contracts – Construction Tax Tips – Are you using the correct accounting method?
- Excise Taxes – Construction Tax Tips – Construction companies may be liable for Federal excise taxes or due a fuel tax credit or refund.
- Tax Preparation Hints – Construction Tax Tips – Are you using the correct construction codes on your tax return?
- Tax Information for Small Construction Businesses – The Internal Revenue Service has identified several issues that may cause problems for the owners of small construction businesses. This document is intended to make you aware of these issues and to provide you with information, which help you avoid pitfalls along the way.
- Energy Efficient Home Credit IRC Sec. 45L and List of Eligible Software Programs for Certification – For a homebuilder to qualify for the New Energy Efficient Home Credit under IRC Sec. 45L, they must receive a certification that the dwelling unit has met the energy savings requirements of Sec. 45L.