Accounting for construction contracts – IRS targets large land developers
$225.00
Description
Abstract: The IRS Large Business and International (LB&I) Division is currently pursuing a “compliance campaign” against large land developers of residential communities for improper use of the more taxpayer-friendly completed contract method (CCM) of accounting. The IRS believes that some developers are deferring profits that should be recognized — and taxed — earlier. This article looks at what real estate developers need to know. A brief sidebar reviews IRS compliance campaign terminology.
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