IRS Red Flags: Audit Triggers for Construction Contractors

Contractor Success Forum

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.
Find all episodes and related links at ContractorSuccessForum.com.
Join the conversation on our LinkedIn page: https://www.linkedin.com/company/CarpenterCPAs
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Wade Carpenter, CPA, CGMA | CarpenterCPAs.com
Stephen Brown, Bonding Expert | SuretyAnswers.com

פרקים

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)