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The TG Blog

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

Why you should make annual exclusion gifts before year end

December 19, 2014

The 2014 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free without using up any of your lifetime gift tax exemption. If you and your spouse “split” the gift, you can give $28,000 per recipient.

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Review gains and losses now to see if action by Dec. 31 can save 2014 taxes

December 19, 2014

Appreciating investments that don’t generate current income aren’t taxed until sold, deferring tax and perhaps allowing you to time the sale to your tax advantage. Review your year-to-date gains and losses now to see if selling any additional investments by Dec. 31 can reduce your 2014 tax liability.

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Take Advantage of Government Commercial Purchases

December 18, 2014

What makes products or services commercial for the purposes of government acquisitions? Generally speaking, they must be similar, but not necessarily identical, to those sold in the commercial market and used by the general public or non-government agencies. Federal Acquisition Regulation (FAR) Part 12 establishes purchasing policies for government agencies that closely resemble those of the…

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Subcontractor Due Diligence: 8 Questions to Ask

December 18, 2014

Prime contractors are responsible for negligence in the selection of subcontractors. In one fraud perpetuated against the U.S. Department of Interior’s Fish and Wildlife Service, two individuals were engaged in a series of transactions that were intended to hide the involvement of one of them from the government.

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Be Prepared: Optional Schedules Aren't So Optional

December 18, 2014

There are a number of schedules in the Defense Contract Audit Agency’s (DCAA) incurred cost proposal model that do not have to be included with your annual incurred cost proposal submission. But that doesn’t mean you are off the hook.

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Help Make Incurred Cost Submissions Less Laborious

December 18, 2014

No matter how much we try to streamline and automate the incurred cost submission preparation process, it’s a hard-and-cold fact that it always presents unique challenges for contractors. It is rare for contractors to be able to take the Defense Contract Audit Agency (DCAA) Incurred Cost Electronically (ICE) model, enter their setup information, import their general…

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Is Your Tool Reimbursement Plan Accountable?

December 18, 2014

If you permit or require employees to purchase their own small tools and then reimburse them for the expense, and the arrangement qualifies as an “accountable plan” under IRS rules, you — and your employees — can gain valuable tax benefits.

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Check Your Company’s Financial Pulse with a WIP Report

December 18, 2014

After a project is completed, it’s useful to perform a “postmortem” to not only analyze what went right and what went wrong, but also apply what you learned to improving performance on future projects. But what about current jobs? Using work-in-process (WIP) reports, you can monitor vital signs while jobs are in progress and then,…

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Why You Should Consider Performance-Based Bonuses

December 18, 2014

To ensure the continued success of your construction business, it’s imperative to keep your employees motivated. One way to accomplish that is to offer performance-based bonuses. But, be forewarned: developing an effective performance-based plan can be a challenge.

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New Accounting Standard May Affect Your Revenue Recognition

December 18, 2014

Recently, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued a new, converged revenue recognition standard, concluding a multiyear effort to develop uniform, worldwide guidelines. By replacing industry-specific rules, the new standard strives to eliminate inconsistencies and improve financial statement comparability.

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