Construction Accounting & Taxation published an article by Construction Leader Joseph Natarelli and Tax Partner Barry Fischman, about how new IRS rules affect construction accounting methods.
Construction Accounting & Taxation
By Joseph Natarelli, National Construction Industry Group Leader & Barry Fischman, Partner, Tax & Business Services
Excerpt:
Many contractors may wonder how and why their financial statements may show net income in an amount that differs from the amount shown as taxable income on their tax returns. The IRS allows for different methods of accounting for construction contracts for purposes of income tax reporting, as opposed to financial statements, which are required to be based on GAAP.
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