When most people hear the word audit, they think of accounting. It is important to remember, however, that the government can audit companies for contracts that include labor category qualifications. If an employee does not qualify for a particular labor category, the company will have to reimburse the government for the difference between the amount […]
Category: Construction
How to Calculate and Report Imputed Income Correctly
Imputed income is defined as the cash value of a benefit that is not part of your employees’ salaries. Even though the benefit — like a gym membership — isn’t received in cash, it’s still taxable based on its cash value. Imputed income was developed to ensure that workers don’t reduce the tax that would […]
Boost Your Bottom Line with Section 179 Tax Deductions
Owners of construction companies have a variety of daily obstacles to overcome and goals to meet. They also regularly make major decisions regarding equipment and machinery investments. Such purchases can make or break a construction firm, so these decisions are not taken lightly. A taxpayer may elect to expense the cost of any section 179 […]
Homeownership Trends: A Millennial Perspective
Millennials buying homes at a slower pace Apartment List reported that the millennial homeownership rate stood at 45.5% in 2023. This is lower than the homeownership rate of baby boomers (74%), the Silent Generation (70%) and Generation X (65%). This isn’t surprising. You’d expect the homeownership rate of millennials to be lower than that of […]
How to Steer Clear of Costly Business Tax Pitfalls
When the IRS looks at your tax forms, the tax agency uses a computer to compare what has been reported to it with what you have reported in terms of income. This is often carried out via 1099 forms — namely the 1099-MISC — which lists nonemployee compensation. There’s also the 1099R form, which pertains […]