Preparing for an audit while you “think taxes”

Description

Abstract: Come springtime, many people start to “think taxes.” While doing so, contractors might also want to think about how to best position their construction business to minimize the chances of a time- and resources-consuming IRS audit. This article discusses four areas in which contractors need to be wary of running afoul of regulations: cash vs. accrual methods of accounting, employee misclassification, long-term contracts, and business structure.