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Missouri online Form 6252: What You Should Know
Form 6252 is required by the Missouri Contractors Credit Premium Payment (CCP) program. If you have more than one contract claim, complete multiple forms for multiple transactions. This is why forms like Form 6252 and Form 704 must be filed by the contractor. In the past when contractors used the installment method, they would usually receive a credit from their insurance carrier for an initial payment, typically equal to the value of the property sold fewer costs for the construction work. For example, if the construction costs were 100,000 which were paid using cash, the contractor would receive a credit for 90,000 which is a cash reduction of approximately 30% of the cost of the property sold. When using installment methods, pay the contract down to the last 15 or less, depending on the contract type, on an annual basis. If your contractor has any ongoing contracts with your insurers, make sure the contractor pays them directly. It's important for those contractors and subcontractors to have the contract payment statements. Those monthly statements will keep you informed of any ongoing payment of construction fees, including all sales and payments to your contractors that have ongoing work that the contractor can deduct. If the contractor hasn't paid the contractors of their ongoing work in full as agreed, it may be grounds for terminating the contract. Cable Installation Contractors Cable installation contractors should file Form 6252 with the Missouri Department of Revenue (FOR) if they are receiving payment from one or more of the cable companies, as well as any other individuals or entities (i.e., individual contractors, subcontractors, or their principals or affiliates). If you are not receiving payments from one of the cable companies, you should file a complete copy of Form 704 with the Missouri Department of Revenue and be sure to have the appropriate amount to be deducted and paid to the contractors that work for you. It is best not to have a separate deduction for your installation bills. If all cable contractors were filing Form 704, your contractor should not be reporting on forms that have you pay 5,000 in cash. Construction Contractors You should file Form 6252 with the Missouri Department of Revenue (FOR) if you are receiving payments from one or more of the construction companies that the contractor does business with as well as any other individuals or entities (i.e., individual contractors, subcontractors, or their principals or affiliates) and they require the payment for the full construction costs of the project.
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