The masonry industry in the United States encompasses a wide range of businesses that may be conveniently categorized
in three stages: Concrete & Cement Production, Concrete Preparation and Placement, and Brick and Block Placement.
Can your tax returns slide through IRS computers and past IRS scrutiny? It's possible, but what happens if your return
is flagged and you become a statistic? You simply MUST KNOW the correct way to approach the situation.
What the Internal Revenue Service tells its auditors about the Masonry and Concrete Industry -
"There are a number of issues, while not entirely unique to masonry, that seem to appear more than average in the
Masonry and Concrete Industry and warrant an alert to examiners. In addition, there are several Code sections that have wide
ramifications in the industry."
Chapter 4 of The Manual For the Masonry and Concrete Industry reveals these issues -
Deductions Claimed For Fines And Penalties -
Since the manufacture, handling, and application of masonry products
is a dirty and dangerous activity, the industry is subject to various fines from federal, state and local authorities. There
is a natural desire to deduct these fines. Generally, masonry businesses are subject to regulatory oversight by the EPA, OSHA,
FTC and a host of state regulators. These rules and regulations create the potential for significant fines, which are normally
NOT deductible for federal tax purposes.
Cost Recovery -
Construction companies, and especially, ready mix concrete companies sometimes have many units
of depreciable equipment housed at different locations and moving on a daily basis. One company has about 500 mixer trucks
registered and also leases mixers from owner drivers. Cost recovery deductions under IRC section 168, therefore can be substantial.
Abandonment losses and the sale of business assets are other issues often identified during audits of masonry contractors.
Self Insurance -
Larger corporate filers that are self insured for employee medical insurance, worker's compensation,
and/or casualty loss expenses usually accrue these expenses for financial accounting purposes. However, the Internal Revenue
Code generally does NOT allow these deductions for tax purposes. Therefore this is an area that requires careful scrutiny
and adjustments are often required.
The above issues and more...the exact Manual can be yours NOW.
You Can Escape The Pain and Embarrassment of Not Being Prepared For An IRS Audit.
You can obtain the Audit Assistant written specifically for Internal Revenue Service Audit Agents to use while conducting
audits of the Masonry and Concrete Industry.
This is the EXACT MANUAL that the auditors use - now you can use it to your advantage when the auditors come knocking on