2024 Tax Planning Opportunities for the Construction Industry

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As we begin the new year, it is time for businesses in the construction industry to review their 2024 tax situations. The CICPAC Tax Thought Leadership Committee has compiled an updated summary of those changes potentially impacting our construction clients.

The summary covers changes in tax regulations, including new accounting methods, the Tax Cuts and Jobs Act, Section 199A, the Qualified Business Income (QBI) deduction, Capitalization of Research Expenses, Employee Retention Credits, the implications of choosing between S Corporations and C Corporations, Bonus Depreciation, Section 179 changes, and Pass-Through Entity Tax Elections.

Read the full document: 2024 Tax Planning Opportunities for the Construction Industry