Construction Industry Webinar: Tax Update for Construction Contractors
Some recent as well as older Federal and state legislative updates have the potential to impact your taxes. Among its more noteworthy provisions, the recently passed Inflation Reduction Act introduced an enhancement to the 179D Energy-Efficiency Tax Deduction and offered new credit opportunities to taxpayers. And we can't forget about the Consolidated Appropriations Act of 2020 and the Tax Cuts and Jobs Act. While they are older pieces of legislation, they still contain provisions that may impact you today, such as changes to the deductibility of meals and entertainment and business interest expense, a looming phase-out of bonus depreciation, and continued availability of the Work Opportunity Tax Credit.
We hosted an informative webinar that provided a high-level overview of key tax-related legislative provisions that may impact your construction business. We also looked ahead to important tax planning considerations as we approach year-end and 2023 taxes.
Agenda items included:
- Key tax provisions in the Inflation Reduction Act that may impact construction contractors
- A look ahead at expiring tax provisions for the upcoming year
- Tips for year-end tax planning
- State tax considerations and planning opportunities
- Bradley Runyen, Director, Tax Strategies
- Rachel Brown, Senior Accountant, Tax Strategies
- Tiffany Eichhorn, Senior Accountant, Tax Strategies