As provisions from the Tax Cuts and Jobs Act (TCJA) sunset, a changing tax landscape awaits in 2024. While some provisions are expiring, new regulations and updated rulings introduced by the CARES Act and the Inflation Reduction Act (IRA) will impact entity conversions, deductions and accounting methods for the construction industry.
To help the construction industry understand the changing tax landscape and prepare for year-end, Anders partnered with Construction Industry CPAs and Consultants (CICPAC) to publish a 2023 Tax Planning Opportunities for the Construction Industry report.
The report explains several year-end tips and updates impacting the industry, including:
- Changes in construction accounting methods for small and large contractors
- The status of Section 199A
- Capitalization and amortization of research expenses
- Limitations of the Excess Business Loss and Business Interest deductions
Understanding these impacts can help your team devise the right tax planning strategy for your business and your goals for 2024 and beyond.
View the 2023 Tax Planning Opportunities for the Construction Industry report from Anders and CICPAC.
Learn more about how Anders works with the construction industry.
Our firm provides this information for general educational guidance only and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Podcasts posted by Anders CPAs + Advisors are not intended to be used and cannot be used by any individual or business, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose. Please note that some content may be generated using artificial intelligence and is intended for educational and informational purposes only. In no way does listening, reading, emailing or interacting on social media with our content establish a professional relationship.
All Insights
