Contractors who survived the Great Recession are once again experiencing a growth trend within construction-related fields. Many local governments have commenced projects of renovation to public buildings or new construction. Subsequently, specialized subcontractors have also witnessed this growth. TAVAS provides tax planning services to hundreds of general and subcontractors specializing in areas including the following:
- New construction (residential and/or commercial)
- Substantial renovation (residential and/or commercial)
- Masonry
- Plumbing
- Excavators
- Utilities/Communications
- HVAC
- Drywall
- Electrical
To stimulate growth and commerce, legislators encourage people to commence construction projects. Additionally, law makers devise incentives for businesses engaged within construction services. TAVAS’ practical experience provides specialized industry knowledge including the following relevant to the fields of construction:
- Construction liability
- Long-term contract methods
- Accounting methodologies
- Tax credits for “Green” Buildings
- Depreciation Methodology
- Bonding
- “like-Kind” exchanges
- Alternative Minimum Tax (AMT)
- Independent contractor classifications
Recently, experts have reported contractors are more frequently finding themselves bidding for work outside their familiar region. Crossing state lines away from their ‘home base’ also gives rise to additional potential liability. TAVAS’ professional team strives to minimize taxes and increase asset protection for our clients, while minimizing disruption to the ongoing business.