2024 Tax Planning Opportunities
for the Construction Industry
Foreword
The last decade has included some of the most significant tax regulation changes and created many planning opportunities for contractors. Changing entity types, accounting methods, new deductions for qualified businesses, new depreciation alternatives and new tax incentives for qualified investments are just some of the provisions that continue to require careful analysis and proactive planning for CPAs and their contractor clients on an annual basis.
The current tax regulation environment has a wide impact on the construction industry. The Inflation Reduction Act passed in 2022 is a prime example of energy and climate provisions, that were enacted to further promote, expand, and incentivize actions around the design, development, and construction of energy efficient property.
The CICPAC Tax Thought Leadership Committee has compiled an updated summary of those changes potentially impacting our construction clients. In the interest of timing, this document overviews considerations for planning in 2024 and beyond.
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Disclaimer of liability: Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.