Keeping Uncle Sam at bay – 4 ways to minimize your chances of an IRS audit

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Abstract: Thanks to a variety of industry quirks, construction companies are especially vulnerable to IRS audits. But this article offers four ways to avoid some common audit triggers: using the accrual method of accounting, correctly classifying workers as employees or independent contractors, timely paying taxes on long-term contracts, and operating as an S corporation. A sidebar discusses steps that those already contemplating an audit can take.