Tax Planning Whitepapers for the Construction Industry
Kathleen Baldwin, CPA, CCIFP
“Our members spoke up and said they needed more valuable resources to ensure tax planning opportunities for the construction industry were being approached proactively. We answered.”
The Tax Cut and Jobs Act (TCJA) signed into law in late 2017 made some of the most significant tax regulation changes in decades and created many new planning opportunities for contractors. Changing entity types, accounting methods, new deductions for qualified businesses, new depreciation alternatives and new tax incentives for qualified investments are just some of the provisions in the TCJA that will require careful analysis and proactive planning for CPAs and their contractor clients.
The CICPAC Tax Thought Leadership Committee has compiled a summary of those changes potentially impacting our construction clients for consideration. In the interest of timing, this document only provides an overview for further consideration for planning in 2018 and beyond. Our intent is to follow this summary with more in depth guidance and practical application materials as we work through implementation of the new regulations and additional information becomes available.
Many thanks to the members of the Tax Thought Leadership Committee for their contribution to the CICPAC organization and their collective efforts resulting in this initial document. We are also very grateful to Warren Hennigan, Marcum LLP, who served as technical editor of the document and to Foundation Software for their sponsorship.
- Jackie Daenen, Daenen Henderson & Co., Chair – Accounting Method $10-25M
- Matt Neely, MCM, Chair – Accounting Method Over $25M/PCM
- Kevin Golden, James Moore, Chair – Section 199A
- Kyle Kmiec, CalvettiFerguson, Chair – Miscellaneous Tax Reform Items
- Kristin Bailey, KatzAbosch
- Ben Lyon, Katz, Sapper & Miller
- Eric Fletcher, Thompson Greenspon
- Dan Shepherd, LUTZ
- Scott Bechtel, GBQ Partners
- Joseph Molloy, Grassi & Co.
- Sara Andzeiczak, Iannuzzi Manetta
- Cody Daniels, Mowery & Schoenfeld
- Tracie Dupuy, HORNE LLP
- Tricia Neale, Thompson Greenspon
- Chase Lister, Daenen Henderson & Co.