IRS Audit Technique Guide: Construction Industry (IRC §263)

Guidance for IRS examiners conducting audits in the construction industry and information for taxpayers and practitioners associated with the construction industry, an IRS Audit Technique Guide released May 19 outlines. Construction industry stakeholders include contractors, construction managers, commercial project owners, and construction lenders, the IRS stated. Construction contracts can take many forms including short- or long-term contracts, cost plus contract, time and materials contract, or unit price contracts, the IRS added. Authorities from IRS guidance, Internal Revenue Code and regulations, and cases are provided. Common construction definitions are listed. [IRS Audit Technique Guide: Construction Industry Audit Technique Guide (Apr. 19, ...