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...
Internal Revenue Code (IRC) Section 263A of the Uniform Capitalization (UNICAP) lists what costs to capitalize. Cost capitalization turns cost into a recorded asset with future economic value rather than an expense. UNICAP’s provisions apply to people who sell real estate or develop properties for business. It also covers...
Construction company owners have to pull out all the stops to maximize profits in a competitive niche. A reliable way to cut costs is to lower your tax liability by claiming all the allowable tax write-offs, and it is easier than you may imagine. Our experts explore the standard...
If you’re a contractor feeling unsure how to increase your overall bonding capacity, we’re here to help. Or maybe you’re not even aware of the current maximum bond value for which you’re eligible. But by utilizing the right techniques, you could help boost your bonding capacity to sway in...
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?
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...
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