WASHINGTON (CN) – The Internal Revenue Service plans to expand the types of contracts eligible for the home construction contract exemption.
It also plans to provide guidance to taxpayers in the home construction industry regarding changes in accounting for certain long-term construction contracts.
The IRS also provides notice that a public hearing on these proposed regulations is scheduled for Dec. 5. Any written comments must be received by Nov. 3, 2008. And Nov. 13 is the deadline for outlines of topics for the hearing.
Click the document icon on the front page for details and other new regulations.