The TG Blog

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

Have you followed up on the management letter from your audit team?

August 13, 2021

Auditors typically deliver financial statements to calendar-year businesses in the spring. A useful tool that accompanies the annual report is the management letter. It may provide suggestions — based on industry best practices — on how to fortify internal control systems, streamline operations and reduce expenses. Managers generally appreciate the suggestions found in management letters.…

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There’s currently a “stepped-up basis” if you inherit property — but will it last?

August 13, 2021

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. The current rules Under the current fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So,…

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damages

Clearing the Higher Bar for Disruption Damages

July 29, 2021

It’s not unusual for a contractor to seek damages when an owner’s actions delay completion of a project. The contractor may pursue a variety of increased costs flowing from the delay, such as increased bond or insurance premiums, extra supervision costs, additional equipment or utility costs, and higher home office overhead. In some cases, however,…

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cybersecurity

Do You Have a False Sense of Cybersecurity?

July 27, 2021

Even before the COVID-19 pandemic, construction businesses were increasingly relying on mobile devices, cloud-based applications, online collaboration, and Internet-connected vehicles and equipment. The pandemic has only accelerated the adoption of these technologies. As the number of entry points into your company’s network increases, so does your cybersecurity risk. Fight Complacency Many of the most infamous…

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business valuation

Place a High Value on a Business Valuation

July 27, 2021

If you own or co-own a construction business, it’s likely the most valuable asset in your possession. But the question is and will remain throughout your tenure as an owner: Just how valuable is it? The answer is variable because, as you’re likely aware, the value of a company rises and falls depending on a…

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merger

Merging For Tax Dollars

July 27, 2021

The COVID-19 pandemic has had an enormous impact on the economy, but different types of businesses have been affected differently. Some businesses — such as restaurants, bars, entertainment venues, airlines and other transportation companies — have suffered significant losses as a result of lockdowns, travel restrictions and other disruptions. Others — such as health care…

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power of attorney

Complete Your Estate Plan by Adding a Power of Attorney

July 20, 2021

As you create your estate plan, your main objectives likely revolve around your family, both current and future generations. Your goals may include reducing estate tax liability so that you can pass as much wealth as possible to your loved ones. But it’s also critical to think about yourself. What if you become incapacitated and…

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Internal Control Questionnaires: How to See the Complete Picture

July 19, 2021

Businesses rely on internal controls to help ensure the accuracy and integrity of their financial statements, as well as prevent fraud, waste and abuse. Given their importance, internal controls are a key area of focus for internal and external auditors. Many auditors use detailed internal control questionnaires to help evaluate the internal control environment —…

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CTC

Parents: Reap Tax Benefits This Year

July 13, 2021

With a price tag of nearly $2 trillion, the American Rescue Plan Act (ARPA) is one of the biggest economic stimulus measures in U.S. history. The legislation offers some significant tax benefits for parents in 2021, including temporary increases in the child tax credit (CTC) and the child and dependent care credit (CDCC) for eligible…

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