The TG Blog

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

tax refund questions

Three Questions You May Have After You File Your Return

April 16, 2019

Once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year. Question #1: What tax records can I throw away now? At a minimum, keep tax records related to your return for…

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joint employer rule

Watch Out for Joint Employer Rule

April 12, 2019

There’s no getting around it: Construction is an inherently collaborative enterprise. Many, if not most, projects involve a variety of contributors. But therein lies a danger. Contractors who exercise control over the employees of subcontractors or other parties — or reserve the right to exercise such control — risk being ensnared by the so-called “joint…

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Subsequent events

Now or Later? When to Report Subsequent Events

April 12, 2019

Financial statements present a company’s financial position as of a specific date, typically the end of the year or quarter. But sometimes events happen shortly after the end of the period that have financial implications for the prior period or for the future. Here’s a look at what’s reportable and what’s not. Classifying subsequent events…

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transportation benefits

IRS Offers Nonprofits New Transportation Benefits Guidance

April 11, 2019

The Tax Cuts and Jobs Act (TCJA) dealt several blows to the nonprofit sector. One of them is that, effective January 1, 2018, nonprofit employers are subject to tax on transportation fringe benefits provided to employees. The IRS recently released Notices 2018-99 and 2018-100 to provide guidance on this issue. This guidance may clarify matters…

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Medicare

Seniors: Medicare Premiums Could Lower Your Tax Bill

April 10, 2019

Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But one aspect of paying premiums might be positive: If…

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cash flow

Checking Your Paperwork for Slow Cash Flow Contributors

April 9, 2019

Most contractors struggle with cash flow occasionally, if not regularly. These problems can take a variety of shapes and sizes and stem from many causes. One common contributor to cash flow slowdowns is the very paperwork you use to arrange and close out projects: namely, your contracts and invoices. Read the fine print When you…

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construction pass-through regulation deduction

Final Pass-Through Deduction Regs Offer Welcome Guidance

April 8, 2019

In January, the IRS issued final regulations under Internal Revenue Code Section 199A. This section allows owners of pass-through entities — sole proprietorships, partnerships, limited liability companies and S corporations — to deduct up to 20% of their qualified business income (QBI) from those entities. Owners of construction companies organized under these entity types should…

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accounting specialists

Auditing Accounting Estimates and the Use of Specialists

April 8, 2019

The Public Company Accounting Oversight Board (PCAOB) recently voted to finalize two related standards aimed at improving audits of accounting estimates and the work of specialists. Though the new, more consistent guidance would apply specifically to public companies, the effects would likely filter down to audits of private entities that use accounting estimates or rely…

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meeting minutes

Best Practices for Effective Board Meeting Minutes

April 4, 2019

Meeting minutes may seem like the least important aspect of your nonprofit’s board meetings. But these records of attendance, discussions and votes are critical to protecting your organization and demonstrating your directors’ proper execution of fiduciary duty. Minutes also lend structure to meetings and motivate members to act on board decisions. So it’s important to…

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captive insurance

Risk Management: Could a Captive Insurance Company Suit You?

April 3, 2019

Insurance is a challenge for most construction businesses. You want to control your costs, but you may struggle to obtain affordable coverage of difficult-to-insure risks or fill “gaps” in your existing coverage. One potential solution for fast-growing or well-established construction businesses is captive insurance. It can help reduce premium costs while providing a variety of…

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