The construction industry is one of the largest segments of the American economy. It employs more people, contributes more to the gross national product, and consumes more raw materials than any other single industry.
The construction clients served by RBSK Partners range in size and sophistication from the "father and son" remodelers to larger general contractors and subcontractors. Regardless of size, we work closely with our clients to help them navigate the complexities and pitfalls of the construction industry and achieve their goals.
This industry has many accounting and tax issues, some of which are shared with other industries and some are unique to the construction industry. Some of these issues include:
- Choice of business entity
- Cash versus accrual basis of accounting
- Percentage-of-completion versus completed-contract method for long-term contracts
- Alternative minimum tax
- Classification of workers as employees or independent contractors
- Multistate tax issues
- Qualified Business Income Deduction
- Adequate accounting systems
- Bonding requirements for reviewed or audited financial statements
The construction industry is very competitive and contractors cannot successfully manage their businesses unless they have timely and accurate financial information about completed contracts and those in process. RBSK Partners can work with you to help you thoroughly understand the financial aspects of your business and provide solutions for the many tax and accounting issues facing your business.
"We count on the professionals at RBSK for their knowledge of construction industry accounting and expertise in financial reporting, multi-state corporate tax and IT consulting."
Jeff & Mary Ollier
Ollier Masonry, Inc