Construction companies have many different tax deductions available to them, and workers can also take advantage of numerous tax breaks that help save money. What are some of the deductions that you and your employees should take advantage of moving forward? 5 Common Tax Deductions for Construction Companies Car...
If you are a construction company that is working on government-funded construction projects as a contractor, you should understand the payroll reporting requirements that you are subject to. Certified payroll records are not overly complicated, but they do need to be accurate in order to maintain compliance. What should...
Does your construction company have adequate financing? Many businesses unnecessarily struggle as they search for financing or never explore financing options from more than one financial institution. Unfortunately, this means that many businesses that could benefit from versatile financing options never get to take advantage of them. What are...
One survey of construction companies found that a whopping 28% of them cited cash flow as their biggest concern, which ranked it higher than finding new customers. As you continue to grow your business, maintaining good cash flow management becomes even more critical. If you have issues with cash...
In the construction industry, it can be challenging to protect your company from the many claims that can arise as part of doing business. Even the most experienced construction contractors can find themselves in a dispute, and when those disputes escalate you might be presented with a bond claim....
Construction companies build the world around us, but they operate with surprisingly tight profit margins averaging around 3.5%. With material costs rising and things getting even tighter in some markets, it’s critical to understand the signs of fraud at your construction company so that you can prevent it and...
As a construction contractor, if you received a Paycheck Protection Program loan over $2 million, you are going to be required to complete a form that verifies your need for the funding. This additional step was added by the Small Business Association to examine the operations and finances of...
The US government introduced Section 45Q of the US Internal Revenue Code to encourage businesses to be eco-friendlier. How exactly does 45Q encourage eco-friendliness, and who is eligible for 45Q tax credits? Read on for answers to these questions and more. What is Section 45Q? Section 45Q of the...
When it comes to the construction industry, nailing a multi-year, long-term contract is the holy grail, but it can be a bit challenging when it comes to the accounting process. In the case of a long-term contract, the percentage of completion method is the standard construction accounting method. It...
Recent changes in accounting standards will have a big impact on construction accounting. Accounting Standards Codification 842 (ASC 842) was implemented in December 2018 for public companies, and private companies must transition to this standard by January 1, 2021. Going forward, construction companies must carefully review their contracts for...
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