Hello There!,

In honor of Memorial Day, Mashburn CPA will be closed on Monday, May 29. You can always find us at Mashburn.CPA. We’ll reopen normal business hours on Tuesday, May 30. Have a safe and happy Memorial Day!

Thank you.

Paul Mashburn, CPA

Stay Prepared for an IRS Audit

The IRS has historically considered construction a high-risk compliance industry because of its potential for cash transactions, underreported income, and worker misclassification. What’s more, as the tax agency rolls into the future under new leadership, with improved technology and a boosted workforce, many business pundits are keeping an eye out for a rise in audit activity later this year or next.

Being selected for an IRS audit can be stressful. However, if it happens, managing your construction company’s tax and financial documentation carefully will help smooth the audit process and could minimize the risk of penalties or fines. Let’s look at how construction business owners can stay prepared for an IRS audit and respond appropriately if one comes to pass.

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Be Careful with Hiring Practices

The construction industry has been struggling with a skilled labor shortage for years now. More recent events, such as the pandemic and “the Great Resignation,” have only exacerbated matters and emphasized the need for contractors to be careful with hiring practices.

The situation can drive a contractor to desperation if work really needs to get done and there aren’t enough able hands available. Construction businesses may also encounter financial constraints that dissuade them from adding employees to the payroll, leaving them to consider other alternatives.

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