The TG Blog

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

construction job schedules

Accurate Job Schedules Add Value to Financial Reporting

October 20, 2020

When many contractors read the term “financial reporting,” they may naturally think of their financial statements. However, another important aspect of financial reporting is the regular and consistent handling of job schedules. Careful and detail-oriented accounting work is necessary to keep yours as timely and accurate as possible. 3 typical schedules There are generally three…

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conflicts of interest

Avoiding Conflicts of Interest with Auditors

October 19, 2020

A conflict of interest could impair your auditor’s objectivity and integrity and potentially compromise you company’s financial statements. That’s why it’s important to identify and manage potential conflicts of interest. What is a conflict of interest? According to the America Institute of Certified Public Accountants (AICPA), “A conflict of interest may occur if a member…

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ppp loans

Asking for Forgiveness? Contractors Should Handle PPP Loans with Care

October 13, 2020

Many construction companies have taken advantage of the Paycheck Protection Program (PPP) loans during the COVID-19 pandemic. Established under the CARES Act, the PPP provided eligible businesses with loans — guaranteed by the Small Business Administration (SBA) — to help cover payroll and other costs. Recipients of PPP loans may also qualify for debt forgiveness…

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gifts-in-kind

FASB Proceeds with Guidance on Gifts-in-Kind

October 8, 2020

Many nonprofits rely on contributions of nonfinancial assets, such as fixed assets (land, buildings, equipment), services, and materials and supplies, called gifts-in-kind. New rules from the Financial Accounting Standards Board (FASB) are intended to increase transparency around such donations. The FASB is finalizing a new standard on handling gifts-in-kind donations. It released a proposed Accounting…

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IRS Audit

The Easiest Way to Survive an IRS Audit is to Get Ready in Advance

October 7, 2020

IRS audit rates are historically low, according to the latest data, but that’s little consolation if your return is among those selected to be examined. But with proper preparation and planning, you should fare well. In fiscal year 2019, the IRS audited approximately 0.4% of individuals. Businesses, large corporations and high-income individuals are more likely…

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corporate gift matching programs

Corporate Matching Programs: Still Popular After All These Years

October 6, 2020

Corporate matching gift programs are an almost surefire way to make the most of charitably minded companies and their gift-giving employees. According to Giving in Numbers: 2019 Edition by the Committee Encouraging Corporate Philanthropy, nine out of 10 responding companies said they offered an employee matching gift program. The resulting donations accounted for nearly 11%…

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audit prep

Audit Prep: 6 Ways to Save Time and Money

October 6, 2020

Amidst an economic crisis, the idea of undergoing an external audit may not be appealing. But it’s a valuable tool for demonstrating your financial condition to stakeholders — perhaps more important than ever in the shadow of COVID-19. Here are some preparatory steps you can take to make the annual audit process less expensive and…

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gifts in kind

Gifts in Kind: New Reporting Requirements for Nonprofits

October 5, 2020

On September 17, the Financial Accounting Standards Board (FASB) issued an accounting rule that will provide more detailed information about noncash contributions charities and other not-for-profit organizations receive known as “gifts in kind.” Here are the details. Need for change Gifts in kind can play an important role in ensuring a charity functions effectively. They may…

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estate tax

Why It’s Important to Plan for Income Taxes as Part of Your Estate Plan

September 29, 2020

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted…

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September/October 2020 Tax Tips

September/October 2020 Tax Tips

September 29, 2020

Refund opportunity for excess business losses The Tax Cuts and Jobs Act (TCJA) limited the ability of noncorporate taxpayers — such as sole proprietors, partnerships and S corporations — to offset business losses against income from other sources. For 2018 through 2025, the TCJA limits deductions of “net business losses” to $250,000 ($500,000 for joint…

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