Skip to content

The TG Blog

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

FASB simplifies merger accounting for nonprofits

FASB Simplifies Merger Accounting for Nonprofits

October 10, 2019

The Financial Accounting Standards Board (FASB) recently issued guidance that should ease the financial reporting burden on nonprofits that enter “business combinations,” such as mergers and acquisitions. The title of the guidance is a mouthful, but it probably tells you everything you need to know: Accounting Standards Update (ASU) No. 2019-06, Intangibles — Goodwill and…

Read More
construction business valuation

Risky Business: Valuation Rules of Thumb

October 10, 2019

Determining the market value of your construction business may be necessary or desirable for many reasons. Examples include a sale or merger, financing, succession planning, tax and estate planning, insurance claims, divorce, or setting up an employee stock ownership plan. Whatever the reason, it’s important to consult an experienced valuation professional. Some contractors use rules…

Read More
construction indirect costs

Would You Recognize an Indirect Cost if You Saw One?

October 8, 2019

Indirect costs can have a substantial impact on a construction company’s financial picture and bottom line. But they’re not always the easiest things to “see.” Let’s zoom in to bring indirect costs better into focus. Viewing the numbers It helps to first define project costs in general. The Financial Accounting Standards Board recommends that construction…

Read More
construction PEO

Outsourcing Employment Tasks to a PEO

October 7, 2019

After reaching a certain level of success, many construction companies struggle to keep up with employment and human resources (HR) tasks such as recruiting and hiring, payroll processing, and employee benefits and workers’ comp administration. One solution may be to outsource these functions to a professional employer organization (PEO). How it works When you partner…

Read More
federal gift tax exclusion

Take Advantage of the Gift Tax Exclusion Rules

October 7, 2019

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For…

Read More
nonprofit fundraising contributions

Keep These 5 Points in Mind When Raising Funds

October 3, 2019

Since the Tax Cuts and Jobs Act (TCJA) was enacted in late 2017, some aspects of charitable giving have changed, but not exactly in the way some nonprofit watchers predicted. Because the TCJA widely reduced the motivation giving contributions to charity, many observers forecast that annual donations might plummet. But so far that hasn’t been…

Read More
construction small business tax savings

Year-End Tax Planning: Tax Benefits Available to Small Construction Businesses

October 3, 2019

Companies that qualify as “small businesses” enjoy several tax benefits, including simplified tax reporting and the ability to defer taxes under certain circumstances. Your construction company’s eligibility for these advantages depends on your gross receipts, including those earned by certain related entities. Previously, the gross receipts threshold was $5 million ($10 million in some cases).…

Read More
nonprofit file electronically

Mandatory Tax E-Filings Are Right Around the Corner

September 30, 2019

Under the newly enacted Taxpayer First Act, all nonprofits will soon need to file their information returns electronically. Depending on the size of your organization, the requirement could take effect as soon as next year. What’s required? The Taxpayer First Act requires nonprofits to file their report statements or returns in the Form 990 series…

Read More
tax tips

September/October 2019 Tax Tips

September 30, 2019

Bonus depreciation for passenger automobiles Under the Tax Cuts and Jobs Act (TCJA), businesses may claim an additional, first-year depreciation bonus equal to 100% of the depreciable basis of qualifying assets placed in service after September 27, 2017, and before January 1, 2023. The TCJA also increased the limit on bonus depreciation for passenger automobiles…

Read More