We represent construction companies against the IRS
No matter what type of business you’re in, getting a notice that your company has been selected for an audit can cause a lot of anxiety about the process, in general, and about getting an IRS tax bill plus any assessed fees or penalties. As with other industries, IRS audits of construction companies are a common occurrence. But, due to some of the unique issues specifically related to the construction business, an audit can be particularly challenging. IRS regulations affect how revenue can be reported and how deductions are recorded. These regulations can be related to how a company is structured or to the relationship that exists between the company and its subcontractors.
The construction industry has some of the most complicated, often-litigated tax intricacies. IRS cases involving construction companies could center on issues with accounting methods, long-term contracts, independent contractors, and unreported income/income shifting.
When you’re dealing with the IRS, it’s essential that you enlist the services of a company with experience in representation against the IRS for construction companies.
The audit process
If you’re a construction company being audited by the IRS, you need to understand the issues that the IRS will focus on during the audit process. While The IRS’ Construction Audit Techniques Guide (ATG) is an important resource that provides valuable information for how the IRS will examine your company during the audit, you need to hire representation from a company that has experience in the field of construction accounting.
At GYL, we’ve built a team of professionals with years of expertise in the construction industry gained from working with contractors, subcontractors, architects, and engineers. Our team is very knowledgeable when it come to the challenges of the construction business, especially when it comes to the IRS audit process. We’re in your corner
Assisting in the IRS audit process for businesses is just one of the many specialized services that GYL provides to the construction industry. We can help you by providing sound business, tax, finance management, and accounting advice.
Our construction industry finance managers will help with the organization of all your company’s financial records to not only assist you in the event of an IRS audit, but to also ensure that your business has the tools that are necessary to making sound financial decisions now, next year, and into the future.
Call one of our offices located in Southern California to schedule a free consultation.