Homebuilders vs. the IRS

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Using the completed contract method on a residential home construction job? Make sure your job is considered a home construction contract in the eyes of the Tax Court. Determining which costs are allocable to contribute to substantial completion can make a huge difference in the end. In the last few years, two significant cases were brought against the IRS concerning the concept of substantial completion in order to determine in which year to recognize the related contract revenue. While seemingly similar, the two cases were met with opposite conclusions.

In 2014, the case of Shea Homes, Inc. and Subsidiaries ET …read more

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