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Many businesses provide education assistance fringe benefits so their employees can improve their skills and gain additional knowledge. An employee can receive, on a tax-free basis, up to $5,250 each year from his or her employer for educational assistance under a “qualified educational assistance program.” For this purpose, “education” means any form of instruction or…
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When the COVID-19 pandemic first hit, economic uncertainty caused many business owners contemplating a sale — as well as many prospective buyers — to put their plans on hold. Now that there’s some light at the end of the pandemic tunnel, interest in buying and selling businesses seems to be picking up. If you’re thinking…
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During the pandemic, many employees have postponed using their allotted paid time off until COVID-related restrictions are lifted and safety concerns subside. This situation has caused an increase in accruals for certain employers. Here’s some guidance to help evaluate whether your company is required to report liabilities for so-called “compensated absences” and, if so, how…
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The May 17 deadline for filing your 2020 individual tax return is coming up soon. It’s important to file and pay your tax return on time to avoid penalties imposed by the IRS. Here are the basic rules. Failure to pay Separate penalties apply for failing to pay and failing to file. The failure-to-pay penalty…
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Customer relationship management (CRM) systems offer many benefits to businesses, including stronger customer relations, service and retention. For construction companies, this software can provide all these advantages. However, it may be most valuable in managing the business development process and focusing your company’s limited resources on winnable projects that will most likely generate profitable returns.…
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If your company is planning to merge with or buy another business, your attention is probably on conducting due diligence and negotiating deal terms. But you also should address the post-closing financial reporting requirements for the transaction. If not, it may lead to disappointing financial results, restatements and potential lawsuits after the dust settles. Here’s…
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In recent months, there have been a number of tax changes that may affect your individual tax bill. Many of these changes were enacted to help mitigate the financial damage caused by COVID-19. Here are two changes that may result in tax savings for you on your 2020 or 2021 tax returns. The 2020 return…
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General contractors now face two primary challenges: 1) recover from project shutdowns and slowdowns caused by the pandemic, and 2) capitalize on what could be a much stronger economy in the months ahead. In this environment, vetting subcontractors for quality of work and financial stability is more important than ever. Strength of ownership The first…
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In December 2020, Richard Jones stepped up as chairman of the Financial Accounting Standards Board (FASB). After meeting with stakeholders in early 2021, Jones identified a list of high-priority projects that he plans to tackle under his leadership. Big picture The FASB is responsible for creating and updating U.S. Generally Accepted Accounting Principles (GAAP), the…
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A buy-sell agreement is a critical tool for owners of closely held construction companies. It ensures an orderly ownership and management transition when an owner dies, becomes disabled or otherwise leaves the company. And it creates a market for departing owners’ shares, providing them and their families with liquidity and ensuring that the business stays…
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