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Tax Deferral Opportunities for Contractors

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The Tax Cuts and Jobs Act has redefined the definition of a “Small Taxpayer,” creating tax deferral opportunities for eligible contractors. Previously, pass-through entities (e.g. LLCs, S corporations, Partnerships) that exceeded $10 million in average gross receipts were required to use the accrual percentage of completion method for long-term contracts. The accrual method recognizes revenue…