IRS Tax Audit Manual for the Masonry and Concrete Industry
What the Internal Revenue Service tells its auditors about the Masonry and Concrete Industry –“There are a number of issues, while not entirely unique to masonry, that seem to appear more than average in the Masonry and Concrete Industry and warrant an alert to examiners. In addition, there are several Code sections that have wide ramifications in the industry.”
Chapter 4 of The Manual For the Masonry and Concrete Industry reveals these issues –
Deductions Claimed For Fines And Penalties –
Since the manufacture, handling, and application of masonry products is a dirty and dangerous activity, the industry is subject to various fines from federal, state and local authorities. There is a natural desire to deduct these fines. Generally, masonry businesses are subject to regulatory oversight by the EPA, OSHA, FTC and a host of state regulators. These rules and regulations create the potential for significant fines, which are normally NOT deductible for federal tax purposes.
Cost Recovery –
Construction companies, and especially, ready mix concrete companies sometimes have many units of depreciable equipment housed at different locations and moving on a daily basis. One company has about 500 mixer trucks registered and also leases mixers from owner drivers. Cost recovery deductions under IRC section 168, therefore can be substantial. Abandonment losses and the sale of business assets are other issues often identified during audits of masonry contractors.
Self Insurance –
Larger corporate filers that are self insured for employee medical insurance, worker’s compensation, and/or casualty loss expenses usually accrue these expenses for financial accounting purposes. However, the Internal Revenue Code generally does NOT allow these deductions for tax purposes. Therefore this is an area that requires careful scrutiny and adjustments are often required.
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You can obtain the IRS Tax Audit Manual for the Masonry & Concrete Industry written specifically for Internal Revenue Service Audit Agents to use while conducting audits of the Masonry and Concrete Industry.
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Don’t forget – The IRS Tax Audit Manual for the Masonry and Concrete Industry is tax deductible as a business expense!