Tag: Construction

When the busy season comes, the last thing on your mind is accounting for your projects. You and your employees are concerned with only one thing: keeping up in delivering quality projects on time. Bookkeeping Read More

Among the most common challenges of any long-term construction project are fluctuating job costs. However, variations in the cost of materials and labor over time aren't the only cause for concern. Permitting issues, economic changes Read More

Contractors often struggle to find suitable buyers for their companies when they're ready to retire or otherwise move on. That may be why many construction businesses implement employee stock ownership plans (ESOPs). These plans offer Read More

Many construction businesses reach a point in their growth when they decide to maintain inventories. They might keep on hand items such as building materials, supplies, personal protective equipment and tools. Maybe yours already does. Read More

Businesses structured as partnerships, S corporations or limited liability companies generally aren't subject to the federal corporate income tax. This is because tax liability "passes through" such entities to each business partner's individual level. If Read More

Internal Revenue Code Section 179 potentially allows significant first-year depreciation deductions when your business places qualifying assets into service. You generally want to maximize current year depreciation write-offs for newly acquired business assets. However, the Read More

When the pandemic hit in 2020, the Employee Retention Tax Credit (ERTC) was introduced under the CARES Act. Federal government officials and lawmakers created the credit to help employers keep employees on their payrolls as Read More

A gradual decline in expected gross profits over the course of a project is known as "profit fade." It not only undermines the financial performance of construction companies, but also may raise red flags with Read More

In June 2024, the IRS released final regulations addressing the prevailing wage and apprenticeship (PWA) requirements for increased clean energy tax deduction or credit amounts. These tax breaks were made available under the Inflation Reduction Read More

Construction companies have always faced challenges when it comes to cash flow. The difficulty largely springs from the often-lengthy gaps between winning projects, doing the work and receiving payments. As a result, it's critical for Read More