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Construction contractors and sales tax

TaxConnex

Construction contractors have a tough job these days, given labor shortages, supply-chain headaches and mushrooming regulation. Generally, a business in the construction industry is performing a service, and most services are excluded from sales and use tax. Lump-sum and separated (itemized) contracts.

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Case Study: Optimizing Tax Incentives for Real Estate & Construction Firms

Cherry Bekaert

Company Background The Company is a prominent player in commercial and residential real estate construction, operating across the southeast of the U.S. With more than five million square feet of space developed or redeveloped, the Company focuses on retail, multi-family, hospitality, office, industrial and residential properties.

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Complexities of Sales Tax: Construction

TaxConnex

If you’re a construction contractor – especially if you’re engaged in contracts in different states – you have to evaluate your sales tax responsibilities in each state where you have customers. That might be true in some states but different states have different rules when it comes to construction services.

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Commercial Real Estate Market Predicted to Rebound in 2024

CPA Practice

The construction pipeline has been at its lowest point in a decade,” she said. In North Texas, the volume of total warehouse space under construction has fallen by more than 40% in the last year. The shopping center market in D-FW and nationwide is already short of available retail space. ©2024 The Dallas Morning News.

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Finding Your Financial Compass: Why Small Businesses in Los Angeles Thrive with Specialized Tax and Accounting Support

MyIRSRelief

Retail and Hospitality: LA’s vibrant culture attracts tourists and locals alike, fueling the retail and hospitality sectors. Inglewood: With the recent construction of SoFi Stadium, Inglewood is experiencing a boom in the sports and entertainment industry.

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California and San Francisco Bay Area Saw Job Losses in February

CPA Practice

The employment reductions in the nine-county region were triggered primarily by job losses in the tech industry and in construction. Construction companies slashed 4,500 jobs last month. Retailers added 300 jobs. The elevated interest rates make it more costly for developers to obtain and repay construction loans.

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What's new in state sales and use taxes

TaxConnex

Colorado will begin imposing a 27-cent fee on every retail delivery made by motor vehicle to a destination in the state, beginning July 1. The seller is responsible for collecting and remitting the retail delivery fee even when delivery is made by a third party and the retail delivery fee must be separately stated on the customer’s invoice.

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