The TG Blog

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

rising material prices

Steel Yourself Against Rising Materials Prices

January 2, 2019

Tariffs on steel and aluminum have recently contributed to an increase in materials costs. There are many other factors that can cause prices to escalate, too, including shortages brought about by building booms in other parts of the country or world; environmental issues, such as loss of forestlands; and rising fuel and other transportation costs.…

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tax law tax cuts and jobs act refresher

A Refresher on Major Tax Law Changes for Small-Business Owners

January 2, 2019

The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns…

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M&A Audit

Conducting an Effective Post-M&A Audit

December 21, 2018

So, you’re about to merge with another company. What’s next? The integration process typically starts with audited financial statements that reflect the results and financial position of the combined entity. This exercise requires a close partnership between the external audit team and in-house accounting personnel from both companies. Collaboration is key to a seamless transition.…

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cost of living adjustments

Cost of Living Adjustments for 2019

December 20, 2018

Various employee plan benefit and contribution limitations are subject to cost of living adjustments (COLA).  The Internal Revenue Service has just released the new limits, which are effective as of January 1, 2019. Below are the fiscal year 2019 limitations for qualified retirement plans as well as the fiscal year 2019 compensation levels used to…

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construction employee retention

Following the Fundamentals of Employee Retention

December 19, 2018

The skilled labor shortage has been a problem for so long that you might be tired of reading about it. Yet, on a nationwide basis, the fact remains that construction businesses face a great challenge in hiring and retaining well-trained and experienced workers. If your construction company has good people on board right now, you’ve…

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pass-through deduction

A Fresh Look at the Pass-Through Deduction

December 18, 2018

Is your construction business organized as a sole proprietorship or pass-through entity (such as a partnership, S corporation or limited liability company)? If so, the new 20% “pass-through” deduction can be a valuable tax break. But the deduction is subject to complex limits and restrictions. That’s why it’s important to review your situation carefully to…

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DAF Donor Advised Fund

How to Attract Donor-Advised Gift Funds

December 17, 2018

Donor-advised funds (DAFs) have been around since the 1930s, but they’ve exploded in popularity in the past decade. Between 2007 and 2016, DAF assets grew from $32 billion to $85 billion, according to the National Philanthropic Trust. Assets are expected to continue to grow exponentially thanks, at least in part, to the Tax Cuts and Jobs Act.…

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inventory counts

How to Prepare for Year-End Physical Inventory Counts

December 17, 2018

As year end approaches, it’s time for calendar-year entities to perform physical inventory counts. This activity is more than a compliance chore. Proactive companies see it as an opportunity to improve operational efficiency. Inventory basics Under U.S. Generally Accepted Accounting Principles (GAAP), inventory is recorded at the lower of cost or market value. There are…

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opportunity zones Virginia tax benefits

Deferring Capital Gains: VA Opportunity Zones Investments

December 13, 2018

What is an Opportunity Zone? The Federal Tax Cuts & Jobs Act of 2017 (TCJA) which passed December 2017 included new provisions to increase the economic growth in communities across the United States that were labeled as “opportunity zones.” According to the IRS, an opportunity zone is classified as an economically-distressed community where new investments,…

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Financial To-Do

Year-End Tax and Financial To-Do List for Individuals

December 11, 2018

With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or…

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