The accounting practices and tax provisions that affect contractors and companies in the construction field are unique. You can’t afford to have your auditor or tax advisor learn a complex industry on your time. Overlooking valuable tax breaks can cost you money, and poor accounting practices can impact your company’s financial stability. Our team of experienced professionals know how to get the job done for contractors, because we’ve done it for more than 60 years.
Our passion for the industry shows in the quality of our work, our knowledge of the industry, and our proactive approach to client service.
Our KraftCPAs construction industry team members are frequently published and appear as guest presenters and speakers for our clients and industry organizations. They also attend industry-specific continuing professional education (CPE) courses to stay up-to-date on issues that can affect our clients. We are proud members of the local, state, and national chapters of:
- The Associated General Contractors of America
- Associated Builders and Contractors
- Construction Financial Management Association
We serve many types of construction industry clients, including:
- Commercial construction companies
- Residential construction companies
- General contractors
- Specialty subcontractors
- Family-owned entities
In fact, we’ve done almost everything for a wide variety of entities — from helping startup contractors get their business licenses, to providing tax work for an entity with more than $500 million in revenue. We’ve audited construction companies with revenues in excess of $300 million and provided technology and business consulting services to many of our construction clients.
Construction Industry Services
KraftCPAs is first and foremost a proactive CPA firm, and our core business is providing assurance, accounting, and tax services to our clients. But as we evolve to meet the changing needs of our clients, we’ll continue to have the right resources to support you now and in the future, including:
- Audited or reviewed financial statements for licensing, bonding and lending requirements
- Tax planning and compliance
- Outsourced accounting and bookkeeping
- Outsourced controller or CFO
- Contract cost compliance
- Assistance with financing
- Consultation regarding licensing
- Succession and exit planning
- Transaction advisory services
- Business valuations
- Fraud investigation
- Cost segregation studies
- Network and cybersecurity assessments
- Technology consulting and managed IT services
- Wealth management
- Employee benefit plans
Our team has decades of experience assisting construction clients in navigating IRC Section 460 to help manage their tax liability through the use of various tax accounting methods available to contractors. These accounting methods include the completed contract (CC) method for qualifying small contractors or qualifying home construction contracts and the percentage-of-completion capitalized cost method (PCCCM) for residential construction contracts, as well as strategic tax-cost allocations to manage taxable gross profit for large contractors that are subject to the percentage-of completion (POC) tax reporting.