Tax Status of an Employee vs. Independent Contractor
For IRS purposes, there are definite differences between an employee and an independent contractor; you should understand how they are classified.
Shrinking profit margins. Material cost increases. Labor shortages. The mounting financial and regulatory issues construction companies face can be demanding, with each economic and regulatory shift affecting your bottom line.
That’s why it’s critical that you work with proactive accounting professionals who understand the specific business needs of your company and help you achieve greater profitability. Lumsden McCormick’s knowledgeable certified public accountants have years of experience supporting the diverse needs of the construction industry. From initial incorporation and establishing job-costing systems to procuring bank financing, bonding, or obtaining state certifications, our team has the expertise to help you in every phase of development.
Our construction experience includes collaborating with general and subcontractors in various specialties, including bridge and highway, electrical, specialty roofing structures, demolition, homebuilders, and land development. Drawing on this experience, we are able to consult with you in many critical areas, including bonding cost certifications, Federal Acquisition Regulations (FAR), and cash flow management.
Our accessible construction services team is active in regional and statewide industry associations and receives specialized training each year to stay abreast of current industry developments. To minimize your tax burden, we continuously evaluate the best options for reporting taxable income on long-term contracts, ensure all available tax credits are taken, and make sure you are in compliance with complex sales tax issues. Our membership in the BDO Alliance USA means that when needed, we can tap the resources of our partners and their resources on a national and global level.
Our construction contractor services include:
For more information about our accounting and consulting services for construction companies, contact Miche Needham or complete the form below.