By Smith Schafer & Associates

Tax Planning Tips for the Construction Industry

全年规划对于减少建筑公司2020年的纳税是至关重要的. In light of the ongoing impact from COVID-19 and recent legislation, 退一步计划比以往任何时候都更重要,因为你可能会发现新的建筑税策略,将节省你的钱. This article will discuss nine strategies, credits, 以及建筑公司业主可能在2020年利用的扣除额.

Credits & Deductions

1. Qualified Business Income (QBI) Deduction
Introduced as part of the Tax Cuts and Jobs Act, Qualified Business Income from pass-through entities (sole proprietorships, partnership, or S-corporations) are generally eligible for a 20% deduction. The deduction is limited for specified services or trade business. 这包括任何以员工的声誉或技能为主要资产的公司. 建设行业的企业应该充分利用这一抵扣.

Tax Planning Tip: QBI is determined by many factors, including payroll levels. A公司应该确定是否有足够的工资发放,这样QBI扣除额才能最大化. 或者,决定是否应该把额外的钱投资在设备或机器上.
Aggregation is determined on an individual level, 所以有必要和你的税务顾问讨论一下,因为汇总可能是不可撤销的.

2. Empowerment Zone Employment Credit
2019年的《专业皇家88平台》更新了联邦赋权区, which had previously expired at the end of 2017. “赋权区”就业信贷可追溯至2018年已支付或发生的合格区工资, 2019, and 2020. 这一信贷激励人们雇佣在联邦政府指定的授权区域生活和工作的个人. This is a wage credit of up to $3,000 for each employee.

3. Work Opportunity Tax Credit (WOTC)
WOTC是一种联邦税收抵免,适用于雇佣接受政府援助的个人并将其重新引入劳动力的雇主. 《专业皇家88平台》(The PATH Act)追溯性地允许符合条件的雇主为所有目标群体雇员类别申请在《专业皇家88平台》颁布前生效的wtc, if the individual began or begins work for the employer after December 31, 2014, and before January 1, 2021.

Depending on the target group an individual belongs to, the credit per new hire can range from $2,400 to $9,600. Target groups include: Qualified IV-A Recipient, Qualified Veteran, Ex-Felon, Summer Youth Employee, and many more.

该税收抵免的价值由该雇员符合的目标群体决定, the number of hours worked, 在雇佣期间的工资也适用于这个目标群体.

4. Section 179D Energy-Efficient Commercial Property Deduction
这种扣除额允许建筑公司业主根据新建筑改造的面积索赔. The incentive provides a $1.80 per square foot deduction of energy-efficient space. This deduction can be divided into three energy-efficient categories:

  1. Lighting
  2. HVAC & Hot Water Systems
  3. Building Envelope

Each of these can obtain a $0.60 deduction. To qualify for this deduction, 建筑必须由合格的第三方人员建模(如美国国税局公告2006-52所定义的),并与遵循ASHRAE标准90设计的参考建筑进行比较.1-2007 using IRS-approved software.

5. Energy-Efficient Homes Credit
节能住宅信贷已追溯至2018年、2019年和2020年. This credit is a tax incentive allowing builders to claim a credit of $2,000 per qualified dwelling unit. 一个合格的住宅需要由一个独立的人建模,并与符合2006年国际能源节约规范的参考建筑进行比较. 它可以是单户住宅,公寓大楼的一个单元,或老年人居住社区. Each separate rental unit may qualify for the $2,000 credit. However, each unit must be eligible on its own (i.e., an entire building cannot be certified with one model). This credit may be claimed on any open tax year.

6. Payroll Tax Credits & Deferral
The Coronavirus Aid, Relief, 《专业皇家88平台》为COVID-19危机期间支付给员工的50%工资提供可退还的工资税抵免. 该信贷适用于2020年3月12日之后和2021年1月1日之前支付的工资.

The maximum amount of wages eligible for the credit is $10,000, with the maximum credit for any employee equal to $5,000. If the business experienced a government order limiting commerce, travel, or group meetings, 或者季度销售额比去年下降了50%以上, this credit can be claimed. When the business sales exceeded 80% of sales in the same quarter in 2019, it no longer qualifies for the credit at the end of that quarter.

这种抵免可以通过减少工资税的数额而立即得到. 这项抵免是针对社会保障税的雇主部分.

Other Tax Planning Strategies to Consider

7. Succession Planning
The succession planning process is often overlooked until it is too late. Tax planning is an integral part of the succession planning process. 最好制定一项计划,管理因潜在的出售或其他转让企业所有权的方法而流入的收入所产生的纳税义务. 在谈判交易条款时,记住税收是至关重要的. 你最不想要的就是因为糟糕的税收计划而给政府比实际需要多的税.

8. Cost Segregation Study
成本分离研究的目的是识别资产及其与房地产购买或重建相关的成本,并为联邦税收目的对这些资产进行分类. 当纳税人购买或建造一幢大楼时,它通常会贬值,通常会持续39年. However, 成本分离研究确定与房地产相关的成本,这些成本可以重新分配到较短的使用寿命中进行折旧. 这些研究对于商业地产业主来说是最有价值的避税策略之一, leaseholders, and others.

9. Revenue Recognition
会计标准法典(ASC) 606的主要目标是在所有行业中创建一个类似的收入确认政策和计算. The construction industry, which has historically had its own guidance and industry practices, is no exception. ASC 606几乎取代了所有与收入确认有关的会计准则. 自12月15日以后,非公共实体多年来一直被要求执行该计划, 2018, resulting in many already undergoing implementation, but this has been delayed because of the COVID-19 crisis. It is now required for years beginning after December 15, 2019.

Note: early implementation of ASC 606 is allowed.

How can we help?

With several credits extended to the end of 2020, 建设行业有机会利用税收优惠,减少他们的下一个税单. 今天就专业皇家88平台,与一位合格的顾问一起工作,帮助您利用机会,为您的建筑公司做出最好的决定. Our Minnesota Construction Accounting Experts, comprised of numerous professionals, 致力于服务超过800个明尼苏达建筑和房地产实体. Smith Schafer对建筑行业的经验和理解会对你未来的成功产生持久的积极影响. Please send us a message today.

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