The long slow road to court – Innovative “warranty” leads to IRS dispute
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Description
Abstract: For contractors, tax accounting for project revenue presents many challenges. This is especially true where extended warranty periods may require a contractor to spend money on a project years after payment for that job was received. This article looks at a recent New Mexico case in which government efforts to initiate a new era of controlling the long-term costs of public infrastructure construction could have imposed unwarranted tax burdens on the contractor involved.
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