FASB Simplifies Merger Accounting for Nonprofits

FASB Simplifies Merger Accounting for Nonprofits The Financial Accounting Standards Board (FASB) recently issued guidance that should ease the financial reporting burden on nonprofits that enter “business combinations,” such as mergers and acquisitions. The title of the guidance is a mouthful, but it probably tells you everything you need to know: Accounting Standards Update (ASU) […]

Evaluate the Risks of Joint Ventures Carefully

Sometimes a construction project is just too big or complex for one general contractor to handle alone. Joint ventures (JVs) enable two construction companies to temporarily partner up to distribute risk, apportion resources and, one hopes, share profits. There are other reasons to consider a JV. You might need to secure additional bonding capacity or […]

Mandatory Tax E-Filings Are Right Around The Corner

Under the newly enacted Taxpayer First Act, all nonprofits will soon need to file their information returns electronically. Depending on the size of your organization, the requirement could take effect as soon as next year. What’s required? The Taxpayer First Act requires nonprofits to file their report statements or returns in the Form 990 series […]

Construction Innovators Can Still Claim the Research Tax Credit

There are innovators in every industry, including construction. If your company happens to be one, you may be able to claim the research tax credit, which remains available under the Tax Cuts and Jobs Act. Explore eligibility To be eligible, an innovation-seeking business activity generally must do several things. First, it must relate to development […]

Keep these 5 points in mind when raising funds

Since the Tax Cuts and Jobs Act (TCJA) was enacted in late 2017, some aspects of charitable giving have changed, but not exactly in the way some nonprofit watchers predicted. Because the TCJA widely reduced the motivation for donating to charity, many observers forecast that annual donations might plummet. But so far that hasn’t been […]

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 […]