Forgive the pun, but a culture of safety doesn’t happen by accident. Planning is key to minimizing the hazards and practices that lead to mishaps and disasters. To help categorize the most widely occurring — and lethal — risks on any construction site, let’s focus on what OSHA calls the “fatal four” and then add […]
How to make workers’ comp costs less costly
Employers usually have no choice: You’re required to pay workers’ compensation insurance for W-2 employees. But no one says you can’t look for ways to reduce the cost of coverage. The key is to lower your company’s risk. To that end: Commit to safety. Communicate and enforce safe work rules and establish a task force […]
Multiple income streams: The key to sustainability
When the so-called Great Recession hit the nation over a decade ago, many nonprofits found themselves struggling to stay afloat financially. Not all of them survived. Organizations with only one or two sources of revenue were particularly vulnerable, yet, more than a decade later, some nonprofits continue to struggle. It’s only a matter of time […]
Building the framework of your succession plan
At some point, we all must hang up our hard hats. But what will happen to your construction company when you retire? Or when you simply can’t work for an extended period, because of illness or injury? Having a succession plan in place is key to ensuring the business will go on. Even if you’re not […]
IRS guidance: Publishing relationship didn’t produce UBTI
You’re no doubt aware of the risk of generating unrelated business taxable income (UBTI). But you might not realize that the terms of your relationship with an outside publisher for your membership magazine or journal can trigger the tax on UBTI by creating an agency relationship. Some recent guidance from the IRS sheds light on […]
WW&D ranked as a Best of the Best CPA Firm two consecutive years by INSIDE Public Accounting
Wheeler Wolfenden and Dwares, CPAs (WW&D) has been named to the INSIDE Public Accounting (IPA) 2019 Best of the Best CPA Firms list. The firm also earned this prestigious industry recognition in 2018, which ranks WW&D in the top 10% of the 550 firms that participate in the annual IPA Survey and Analysis of Firms. “We […]
When to consider builder’s risk insurance
In construction, there’s always risk. No matter how careful an operation is, accidents happen — as well as theft, vandalism, bad weather and natural disasters. And let’s not forget the potential for earth movement during construction or hitting hidden pipes and buried gas lines. The list of unforeseen incidents can get long! While worker’s compensation, […]
Attesting to your nonprofit’s ability to survive
Are you certain that your organization is financially stable enough to be operating in a year? U.S. Generally Accepted Accounting Principles (GAAP) give your nonprofit a reason to evaluate that proposition. Evaluating your organization Accounting Standards Codification (ASC) 205-40 requires management to perform a going-concern evaluation each time annual or interim financial statements are issued. […]
Get ready: New lease rules for GAAP-compliant companies
Does your construction company follow U.S. Generally Accepted Accounting Principles (GAAP)? If so, there’s an important deadline coming up later this year that you should start thinking about right now. For annual periods beginning after December 15, 2019, and for interim periods beginning a year later, GAAP-compliant companies must begin following the Financial Accounting Standards […]
New overtime rules could inflate payroll expenses
A proposed rule, issued by the U.S. Department of Labor (DOL), would update the overtime exemptions for so-called white-collar workers under the Fair Labor Standards Act. If finalized, the new rule could lead to higher compensation and payroll tax expenses for employers, including nonprofits. What are the current rules? Under the existing regulations, an employer […]