The TG Blog

Resources and articles to empower you and keep you up to date.

Prepare for Stricter Cybersecurity on DoD Contracts

January 28, 2023

Construction companies are highly vulnerable to cyberthreats because of the mobile nature of their operations. And the risk of a breach goes far beyond disclosure of confidential financial information or competitive intelligence. Hacking a construction business could also raise serious concerns about potential personal injuries and property damage. Imagine the harm a hacker could cause…

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The Essentials of a Subcontractor Prequalification Process

January 27, 2023

The construction business is risky business — especially in today’s inflationary and supply-chain-addled environment. That’s why it’s critical for general contractors to take steps to mitigate their risks, which includes minimizing the likelihood of subcontractor default by ensuring that the subcontractors they work with can satisfactorily complete work. Assuming you’re a general contractor, failure to…

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Succession Planning Is a Journey of Many Steps

January 26, 2023

Depending on where you’re at in your career as a construction business owner, a succession plan might seem like something for a far-off distant future or one of those “back-burner goals” that’s gradually growing in importance with each passing year. Humans are naturally reluctant to think about their later years or death. And construction company…

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Business Interest Expense: How Much Can You Deduct?

January 25, 2023

The Tax Cuts and Jobs Act (TCJA) imposed a new limitation on deductions of business interest expense by certain companies. And the limit, found in Section 163(j) of the Internal Revenue Code, became even more restrictive in 2022 — especially for capital intensive businesses. As a construction business owner, you should determine whether the deduction…

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Tax Tips: January/February 2023

January 23, 2023

Now may be the time for a Roth conversion If you’ve watched the value of your retirement accounts shrink in recent months, there may be a silver lining: It’s an ideal time to convert your IRA or 401(k) plan into a Roth account. Roth IRAs and Roth 401(k)s offer many attractive benefits, including tax-free withdrawals…

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Consider the Use of an ILIT To Avoid Estate Tax

January 22, 2023

Holding a life insurance policy can provide peace of mind if you have concerns about your loved ones’ financial well-being after your death. Whether you “hold” the policy or a trust holds the policy can result in different tax outcomes. In short, if you’re left holding the policy at death, its proceeds will be included…

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Section 179D: Congress Enhances Tax Deduction for Energy-Efficient Buildings

January 21, 2023

The Inflation Reduction Act (IRA) significantly enhanced the Section 179D deduction for energy-efficient commercial building improvements placed in service after 2022. Among other things, the IRA nearly tripled the maximum deduction to $5 per square foot under certain circumstances and made it easier for improvements to qualify for the deduction. The IRA also expanded eligibility…

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Due Dates in 2023 for 2022 Tax Reporting and 2023 Tax Estimates

January 20, 2023

Here are the current statutory due dates for tax reporting for the 2022 tax year. For calendar year tax returns reporting 2022 information that are due in 2023, the following due dates will apply. Form 2023 Tax Filing Due Dates (Tax Year 2022) Form W-2 & 1099 NEC (electronic or mail) January 31st Form 1099-Misc…

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Adopting a Child? Tax Benefits Can Help Defray the Cost

January 20, 2023

If you’re adopting a child, or plan to do so in the future, you know that the process can be expensive. Although expenses are minimal for adoptions through the foster system, the cost of adopting a child through a private agency averages around $43,000 in the United States. Fortunately, there are tax benefits that can…

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SECURE 2.0 law may make you more secure in retirement

January 17, 2023

A new law was recently signed that will help Americans save more for retirement, although many of the provisions don’t kick in for a few years. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was signed into law on December 29, 2022. SECURE 2.0 is meant to build on the original…

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