Expansion of Small Contractor Exemption: Percentage-of-Completion Method for Long Term Contracts

Small Contractor Exemption The Tax Cuts and Jobs Act (TCJA) provides relief for small taxpayers by expanding the small contractor exception, thereby allowing more taxpayers to opt out of using the percentage-of-completion method for long-term contracts. Under the TCJA the exemption for small contractors increases from $10,000,000 in average gross Read more…