Construction & Real Estate

qualified opportunity zones (QOZs)

Qualified Opportunity Zone Deadline Extended

The federal government created qualified opportunity zones (QOZs) in 2017 under the Tax Cuts and Jobs Act. By providing valuable tax incentives for investors in QOZs, the government seeks “to spur economic development and job creation in distressed communities,” according to the IRS. Some of the jobs created will be in construction, as investors develop…

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accounts payable

Boost Cash Flow with Savvy Accounts Payable Strategies

Managing accounts payable is a critical task for any business, but it’s particularly important for construction companies. Most contractors juggle payments to a variety of subcontractors, suppliers and other entities. (We’ll refer to them collectively as “vendors.”) And the players involved may differ from job to job, depending on location and other factors. As a…

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construction job schedules

Accurate Job Schedules Add Value to Financial Reporting

When many contractors read the term “financial reporting,” they may naturally think of their financial statements. However, another important aspect of financial reporting is the regular and consistent handling of job schedules. Careful and detail-oriented accounting work is necessary to keep yours as timely and accurate as possible. 3 typical schedules There are generally three…

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ppp loans

Asking for Forgiveness? Contractors Should Handle PPP Loans with Care

Many construction companies have taken advantage of the Paycheck Protection Program (PPP) loans during the COVID-19 pandemic. Established under the CARES Act, the PPP provided eligible businesses with loans — guaranteed by the Small Business Administration (SBA) — to help cover payroll and other costs. Recipients of PPP loans may also qualify for debt forgiveness…

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construction tech

5 Construction Tech Strategies for the New Normal

Even before the COVID-19 crisis, tech was transforming the way construction companies go about their business. Whether this transformation was happening rapidly or gradually is up for debate, but there’s little doubt that change was (and is) occurring. The pandemic will likely accelerate the tech (r)evolution as contractors look for ways to work more safely…

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construction planning for the future

Apply the Lessons of Crisis and Prepare for the Future

The COVID-19 pandemic is unlike any other crisis we have faced in decades. As contractors continue to work back toward normalcy, it’s critical to learn from recent experience and apply those lessons to preparing for the inevitable disasters and economic downturns of the future. Review jobs, backlog and expenses Take inventory of current jobs and…

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managing construction project scope

Managing Project Scope: It’s a Full-Time Job

Construction projects often look solid on paper. But put boots and equipment on the ground and suddenly — or, more often, gradually — the job can go soggy as additional, unanticipated work seeps into other tasks. Sometimes you can get paid for this additional work if the owner will sign off on a change order.…

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CARES Act

CARES Act Provisions May Boost Cash Flow

The Coronavirus Aid, Relief, and Economic Security Act (known as the CARES Act) may be best known for its provisions designed to shore up the economy as the nation copes with the COVID-19 pandemic. These include distributing Economic Impact Payments to individuals and offering Paycheck Protection Program (PPP) loans to businesses. But the act also…

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construction industry labor shortage

Labor Shortages: Where Are the Potential Employees?

Labor shortages are a universal hurdle facing the construction industry. High demand for construction creates a high demand for workers to carry out these projects. In the current environment most construction companies are struggling to find these workers. The current situation is most often attributed to what can be summarized as the 4 R’s –…

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CARES Act and Construction

Keeping an Eye on Taxes: CARES Act and Construction

The federal government’s response to the novel coronavirus (COVID-19) has included many tax law changes. To simplify matters, let’s look at three issues that contractors should keep an eye on in light of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Maintaining payroll As of this writing, some construction work was continuing, but…

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