Contractors or businesses with long-term revenue sources can use a Work-in-Progress to properly align revenue with the costs associated with revenue production. In this video, we are going to accomplish two things. First, we want you to know exactly how to calculate your percentage of completion and your over/under billings and second, we want to share the main pitfalls and solutions contractors have in preparing an accurate job schedule.
Tax law changes often. This is general information, not advice for your specific situation. Talk with us before you act on it.