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 that...
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, primarily...
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.
You may have heard the terms UNICAP or 263A, but what does it mean? IRC Section 263A details the uniform capitalization (UNICAP) rules that require certain costs normally expensed to be capitalized as part of inventory for tax purposes.
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...
How can the DPAD help construction companies save? The Domestic Production Activities Deduction (DPAD) is a term that every owner of a construction company should know. It is a free tax deduction that is allowed for any US company that produces goods. While this deduction is often called the...
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. This,...
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...
Everyone has heard the saying… Cash is King. The point of this saying from an accounting perspective is that it is not enough for a business to be profitable in order to be successful. In addition to profitability, a business must be well capitalized and have proper cash management...
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