In order to prepare for a business audit, an IRS examiner generally does research about the specific industry and issues on the taxpayer’s return. Examiners may use IRS “Audit Techniques Guides (ATGs).” A little-known secret is that these guides are available to the public on the IRS website. In other words, your business can use […]
Category: Construction
On-Site Fall Construction Newsletter
Here’s a brief glance at what you’ll find in the Fall issue below… Year-end tax planning Work Opportunity Tax Credit could solve two problems For contractors, the struggle to find skilled workers is real. One way construction companies can widen their hiring pools while potentially qualifying for a valuable tax break is to complete the […]
Auditing WIP
Many types of businesses — such as homebuilders and manufacturers — turn raw materials into finished products for customers. Production is a continuous process. So, any work that’s been started but isn’t yet completed before the end of the accounting period is reported as work in progress (WIP) under U.S. Generally Accepted Accounting Principles (GAAP). […]
On-Site Construction Spring 2021 Newsletter
Here’s a brief glance at what you’ll find in the Spring issue… Real estate ownership The ins and outs of CAP rate for contractors Many contractors build and build but never get to the easy part of construction: owning that well-built piece of property and collecting rent. Commercial rental properties with established tenants tend to […]
On-Site – Winter
On-Site – Fall 2020
The Fall issue of the On-Site is out and full of great information! Here’s a brief glance at what you’ll find in the Fall issue… Year-end tax planning: Depreciation deductions remain viable Enhancing preconstruction to protect workers and the bottom line Now’s a good time to re-evaluate employee benefits 4 ways construction teams can work […]
Leed isn’t the Only Green-Building Game in Town
Mention “green building” and most contractors think of the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) program. LEED may be the front-runner in green building rating systems, but it’s not the only game in town. Here are some others you may encounter when working with project owners: BREEAM USA (breeam.com/usa) Founded […]
Industry Trends: Megaprojects are on the Rise
They’re big, and they’re big business. Megaprojects — large-scale and often high-profile construction projects that cost $1 billion or more — are taking the industry by storm. When compared with “standard” projects, megaprojects are a different animal. They have ambitious objectives, lengthy lead times, amplified complexity and intense stakeholder involvement. Consequently, they come with bigger […]
Adjusting Your Financial Statements for COVID-19 Tax Relief Measures
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, contains several tax-related provisions for businesses hit by the novel coronavirus (COVID-19) crisis. Those provisions will also have an impact on financial reporting. Companies that issue financial statements under U.S. Generally Accepted Accounting Principles (GAAP) are required to follow […]
Reviewing The Finer Points of the Section 199A Tax Deduction
It’s been over a year since the IRS issued final regulations regarding Internal Revenue Code Section 199A. This Code Section created a tax deduction enabling owners of sole proprietorships, partnerships, limited liability companies and S corporations to write off up to 20% of their qualified business income (QBI). If your construction company is organized under […]