A CPA'S REPORT FOR THE CONSTRUCTION INDUSTRY
Winter 2012

Contractors Can Benefit from Section 179D Deduction

Improving a building's energy efficiency can offer a significant long-term return but, in many cases, it can also generate more immediate financial benefits. For example, Internal Revenue Code (IRC) Section 179D offers a tax deduction to building owners who install energy-saving systems in new construction or who retrofit existing buildings.

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Don't Overlook Federal Fuel Tax Credit

Federal excise taxes on motor vehicle fuels are designed to help cover the cost of building and maintaining the federal highway system. If you operate diesel-powered off-road equipment, such as earth-moving machinery and other heavy equipment, be sure you aren't paying this road tax for fuel that is used for off-road purposes.

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New Accounting Standards Affect Many Contractors

The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are currently working on more than a dozen projects aimed at aligning U.S. Generally Accepted Accounting Principles (GAAP) with International Financial Reporting Standards (IFRS).

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Recent Case Provides Guidance on Section 199

A recent tax court case has shed some light on how to determine if certain receipts qualify for the Domestic Production Activities Deduction, commonly referred to as Section 199. The deduction can amount to a substantial sum - currently 9 percent of taxable income from qualified gross receipts - so it is an important issue to consider as part of your year-end tax planning.

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The articles in this newsletter are general in nature and are not a substitute for accounting, legal, or other professional services. We assume no liability for the reader's reliance on this information. Before implementing any of the ideas contained in this publication, consult a professional advisor to determine whether they apply to your unique circumstances. © 2013