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IRS Red Flags: Audit Triggers for Construction Contractors
Manage episode 415470443 series 3314227
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Are you putting yourself at risk for an IRS audit? What kind of things do the IRS target for contractors? We're breaking it down on the podcast this week.
Topics we cover in this episode include:
- Accounting method rules based on the type of contractor you are
- Contract-related services and advanced payments
- Things on the expense side that can trigger an audit
- Unreasonable compensation
- Charitable contributions
- Misclassification of workers
- Unusual transactions
- Drastic changes in expense classification from one year to the next
LINKS
Visit the episode page at https://carpentercpas.com/audit for more details and a transcript of the show.
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com
Chapter
1. IRS Red Flags: Audit Triggers for Construction Contractors (00:00:00)
2. Accounting method rules based on the type of contractor you are (00:01:41)
3. Contract-related services and advanced payments (00:05:59)
4. Things on the expense side that can trigger an audit (00:06:28)
5. Unreasonable compensation (00:10:17)
6. Charitable contributions (00:11:02)
7. Misclassification of workers (00:12:45)
8. Unusual transactions (00:15:10)
9. Drastic changes in expense classification from one year to the next (00:15:27)
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