The ongoing novel coronavirus (COVID-19) pandemic has taken a terrible toll on the economy. But the current low-interest-rate environment coupled with depressed asset values means that now may be a good time to transfer wealth to your children and grandchildren. Consider making gifts For 2020, the federal gift and estate tax exemption is an inflation-adjusted…Read More
As individuals continue to deal with the impact of the novel coronavirus (COVID-19) pandemic, the Coronavirus Aid, Relief and Economic Security (CARES) Act contains some retirement-related provisions to help ease the financial pain. RMDs waived in 2020 If you’re in the fortunate financial position that you don’t need to access retirement account funds this year,…Read More
There’s a bright side to today’s unprecedented market conditions: Agile people may discover opportunities to start new business ventures. Start-ups need a comprehensive business plan, including detailed financial forecasting, to drum up capital from investors and lenders. Entrepreneurs may also use forecasting as yardsticks for evaluating and improving performance over time. However, forecasting can be…Read More
Even before the COVID-19 crisis, tech was transforming the way construction companies go about their business. Whether this transformation was happening rapidly or gradually is up for debate, but there’s little doubt that change was (and is) occurring. The pandemic will likely accelerate the tech (r)evolution as contractors look for ways to work more safely…Read More
The COVID-19 pandemic is unlike any other crisis we have faced in decades. As contractors continue to work back toward normalcy, it’s critical to learn from recent experience and apply those lessons to preparing for the inevitable disasters and economic downturns of the future. Review jobs, backlog and expenses Take inventory of current jobs and…Read More
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded scholarships, that’s cause for celebration! But be aware that there may be tax implications. Scholarships…Read More
If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So,…Read More
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020, Form 1099-MISC was filed to report payments totaling at least $600…Read More
Timely, relevant financial data is critical to managing a business in today’s unprecedented conditions. Similar to the control panel in a vehicle or machine, dashboard reports provide a real-time snapshot of how your business is performing. Why you need a dashboard report Everything in dashboard reports can typically be found elsewhere in the company’s financial…Read More
Ready to talk to one of our specialists?
Our specialists are all seasoned professionals who have years of experience working within your industry. Reach out to us today to schedule a consultation.