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Understanding tax implications for your business can be tricky, especially when your company operates in multiple states. Fortunately, at Delap, we have an in-house State and Local Tax (SALT) specialty team who offer direction and insight for affected businesses. In an effort to provide maximum value to these companies with multi-state activities, our SALT team recently hosted a niche specific seminar for the real estate, home builder, and construction industries. Keep reading for a high-level recap of our recent seminar.
Don't get caught in the dark!
Contract language can influence the taxability of each construction project. It is important to clearly identify the following items within the contract:
Additionally, segregating a project into separate contracts for labor and materials may allow for favorable tax treatment.
Contract language, when not clearly defined and understood, can drastically change the profitability of a project. Proper identification of the above information in your contract language can also protect you against unexpected taxes.
Still curious to learn more? Reach out to our SALT team today to start a conversation.
Check out our events page on our website to RSVP for upcoming seminars and pieces of training.