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The United States Congress recently signed the Tax Cuts and Jobs Act, and it is the most important tax reform legislation that is beneficial to business in the country particularly construction firms. But what is the tax reform all about?
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The construction industry is experiencing a wide variety of risks due to the complexity of its project environment. Risk is defined as the probability of setback, injury, loss, or disadvantage for a particular entity. In the construction market, risk entails the failure to achieve what is feasible as well...
Do you have a strategic plan for your business? “Measure twice, cut once” is a common saying among construction professionals. You know the value of looking before you leap, of thinking ahead and of taking extra care. You know it saves you time, money and mistakes. Strategic planning is...
Is your trade or business involved in constructing, renovating, or acquiring commercial real estate? Practically, any commercial owner will benefit from a Cost Segregation Analysis. These studies involve differentiating among various real estate and/or construction costs by allocating them to other asset categories and assigning a useful life...
So here you are. You’ve worked like a dog since the time you were little. You always knew that you wanted to work for yourself, so eventually, you went out on a limb, got some financing, and started your own contracting business.
During 2016, The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016 – 02, Leases. The purpose of the update is to address transparency and improve reporting of obligations for entities involved in leasing activities. The impact of the new standard on lessors will be minimal,...
Accounting methods used in the construction industry are unique and typically require a business owner to use two different methods of accounting for their construction activity – one for the bank or bonding company and one for tax filings.
How to Better Control Direct Construction Costs With rising materials costs and downward price pressures, it is more important than ever to manage project expenditures. There are fewer jobs out there so it is essential to make a profit on every project. Customers are looking for efficiencies and are...
When clients call me looking to create tax deductions before year end, I generally deliver the bad news that if they want to bring their taxable income down they are going to have to spend some of their money or at least put it in a restricted account....
The main goal for a construction contracting company is to carry out a construction project’s work in a way that meets the project’s objectives, at a high level of quality. It is up to the project manager to meet these objectives, which can occur through the completion of four...