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December 18, 2023

Construction Industry Tax Planning Tips for 2023 Year-End

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.

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