IRS Construction Industry Guide

The IRS recently published a current version of their Construction Industry Audit Technique Guide to the IRS website. Here is a link to view the guide. www.irs.gov/businesses/small/industries/article/0,,id=208324,00.html The guide is "intended for examiners conducting audits in the construction industry and as information for taxpayers and practitioners associated with the construction industry". If you are curious about the processes the IRS uses when auditing a construction company or are a construction company faced with an audit the guide may be helpful to you. The guide's effective date is May 2009 and includes all current law related to Internal Revenue Code Section 460, Special Rules for Long-Term Contracts. Happy reading.