Strategic Tax Savings and Opportunities for Construction Contractors
Topics and Participant Learning Objectives:
- Many advisory firms are promoting overly-aggressive positions for claiming employee retention credit (ERC) and taking a substantial portion of the business’ refund. The IRS has taken notice and is devoting significant resources to examining these claims. Explore whether your business qualifies and the proper manner for claiming ERCs.
- Difficult and complex sales and use tax rules apply to Ohio construction contractors. Classifying improvements as real property or business fixtures is critical to ensuring the appropriate tax is paid – and no more than is necessary. Being proactive at the outset of contract negotiations allows contractors to protect themselves from misclassification and structure projects to maximize powerful tax exemptions.
- Ohio Commercial Activity Tax is particularly burdensome for the construction industry which operates on tight margins and uses a network of subcontractors. Contractors can significantly reduce their tax base by expressing an agency relationship in their contracts without altering the business consequences of their arrangement.
- Broad federal tax incentives exist for real estate investors and developers through like-kind exchanges, qualified opportunity zone investments, and tax credits. Make sure you’re up to date to identify when your projects are suitable to take advantage of these substantial tax benefits.
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