IRS Tax Audit Manual for the Carpentry and Framing Industry
Building Houses? Build Your Relationship With The IRS on a strong foundation!
Every construction contractor should understand that there’s a cycle of construction activity. This cycle rewards those that can anticipate it and punishes those that can’t. The construction cycle can make or break you. And for many, it does both.
At the beginning of every upswing in construction activity a fresh new crop of eager young builders surge into the industry. They develop a house or two, sell them off at a nice profit, and then tackle larger projects, making more money and laying bigger plans. After three or four very profitable years, some of these builders are running big construction companies with millions of dollars in assets and several major projects under way. They probably attribute their success to hard work, skill and daring. They’re right. But they were also in the right business at the right time.
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The pronounced ups and downs of the construction cycle make some tax issues more common in this industry. Two such issues that will come up in an Internal Revenue Service Tax Audit are addressed in the Carpentry and Framing Edition which may occur in corporate returns include officers’ compensation (more likely to be unreasonably high in “good” times), and loans from pension plans (more likely to occur in downswings). Additionally, the Internal Revenue Service Audit Agent will be mindful of the construction cycle, or environment during the year under consideration since this may affect sales, profit margins, and other items appearing on the return
Is This The Right Manual For Me?
The Carpentry and Framing Edition applies primarily to small businesses engaged in remodeling, home improvement, carpentry, woodworking, framing, and residential building. Since these businesses must work closely with those in other specialty building trades, some aspects of this guide will apply to other trades in the construction industry.
In just 2 hours, you will know everything the IRS Auditor will be looking for during an audit of your business. Hey, this isn’t rocket science here – you just need to know what the auditor knows. We can do that for you…simple as that!
Don’t forget – The IRS Tax Audit Manual for the Carpentry and Framing Industry is tax deductible as a business expense!