The Construction Group of tax and audit specialist Grant Thornton LLP has developed How to Make the U.S. Treasury Work for You, a publication to assist contractors in staying abreast of Internal Revenue Code procedures that may allow them to receive refunds more quickly or defer payment of tax.
“Contractors are on the front line of U.S. businesses,” said Todd Taggart, a tax partner and Grant Thornton’s Construction practice leader. “While the recently enacted stimulus package will provide pockets of relief, contractors should also be aware of what’s already out there to help them.
“If a corporation qualifies for one of these procedures, there should be no reason to wait to get cash in hand or defer payment. Taking advantage of the administrative relief provided by the IRC can only help to improve liquidity.”
To read Grant Thornton’s How to make the U.S. Treasury work for you, please go to www.GrantThornton.com/Construction.
The company notes that many contractors have suffered an unexpected downturn in business because of the deepening economic crisis. Corporations suffering in today’s difficult business environment may have an immediate need for funds for various purposes, including continued operations, meeting payroll or complying with credit covenants. Even contractors on solid ground may need funds to take advantage of business opportunities or solidify their base, the company says.
Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations. Grant Thornton International Ltd and its member firms are not a worldwide partnership; each member firm is a separate and distinct legal entity.
In the United States, visit Grant Thornton LLP at www.GrantThornton.com.