The Construction Industry And The Tax Gap
The IRS included in it’s e-News for Tax Professionals, detail information on Contractors, subcontractors and individual workers, not reporting or under-reporting business income from construction activities.
The IRS says businesses and individuals need to be aware of everything that counts as income and proper accounting methods in order to pay their fair share of taxes.
The report went on to say that businesses and individuals also need to be aware of all deductible expenses so that they don’t overpay their taxes.
The tax gap is the difference between the amount of taxes that should be paid in a given year and the amount actually paid voluntarily and in a timely way.
- February 28th
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