Construction & Real Estate

Virginia mechanic's lien forms have been ammended

Virginia Mechanic’s Lien Form Amendment

The forms provided in the Virginia Code for mechanic’s liens have been amended effective July 1, 2019.  Virginia Code §43-5 will soon state: The memorandum and affidavit required by §43-4 shall be sufficient if substantially in form and effect as follows: Memorandum for Mechanic’s Lien Claimed by General Contractor: Name of owner Address of owner…

Read More
construction cybersecurity assessment

Should Your Construction Company Conduct a Cybersecurity Assessment?

Cybersecurity is an important issue for every business, but it’s particularly critical in the construction industry. Contractors are particularly vulnerable to hackers and other threats because of the mobile nature of their businesses. A cybersecurity assessment or audit can help ensure that your construction company is taking the proper steps to protect sensitive information. It…

Read More
construction apprenticeship program

Help Build Tomorrow’s Workforce with an Apprenticeship Program

The construction industry has been struggling with a skilled labor shortage for quite a while now. It’s not always easy to find good news on the topic, but here’s some: There are few industries better poised to create its own workforce than construction. One reason is apprenticeships. Because of the hands-on nature of construction work,…

Read More
construction meal and entertainment expenses

Deductibility of Meals and Entertainment Expenses After Tax Reform

The Tax Cuts and Jobs Act (TCJA) made significant changes to the deductibility of meal and entertainment expenses. Unfortunately, there’s still a great deal of confusion about which deductions have been eliminated and which remain. Here’s a summary with you, the contractor, in mind. Entertainment and meals The TCJA eliminated most deductions for activities considered…

Read More
construction industry prepares for new lease standard

Lease Accounting for Contractors: New Rules on the Way

It’s been 13 years since the Financial Accounting Standards Board (FASB) started overhauling its lease standard. For some time now, the new rules have been scheduled to take effect for private companies with fiscal years beginning after December 15, 2019 — in other words, 2020 for companies with a calendar year end. (Public business entities…

Read More
joint employer rule

Watch Out for Joint Employer Rule

There’s no getting around it: Construction is an inherently collaborative enterprise. Many, if not most, projects involve a variety of contributors. But therein lies a danger. Contractors who exercise control over the employees of subcontractors or other parties — or reserve the right to exercise such control — risk being ensnared by the so-called “joint…

Read More
cash flow

Checking Your Paperwork for Slow Cash Flow Contributors

Most contractors struggle with cash flow occasionally, if not regularly. These problems can take a variety of shapes and sizes and stem from many causes. One common contributor to cash flow slowdowns is the very paperwork you use to arrange and close out projects: namely, your contracts and invoices. Read the fine print When you…

Read More
construction pass-through regulation deduction

Final Pass-Through Deduction Regs Offer Welcome Guidance

In January, the IRS issued final regulations under Internal Revenue Code Section 199A. This section allows owners of pass-through entities — sole proprietorships, partnerships, limited liability companies and S corporations — to deduct up to 20% of their qualified business income (QBI) from those entities. Owners of construction companies organized under these entity types should…

Read More
captive insurance

Risk Management: Could a Captive Insurance Company Suit You?

Insurance is a challenge for most construction businesses. You want to control your costs, but you may struggle to obtain affordable coverage of difficult-to-insure risks or fill “gaps” in your existing coverage. One potential solution for fast-growing or well-established construction businesses is captive insurance. It can help reduce premium costs while providing a variety of…

Read More
BIM building information modeling

Mixed Reality: The Next BIM Thing in Construction Tech?

Building information modeling (BIM) is one of the most important technological developments in construction history. As you’re no doubt aware if you’ve used it, the software helps everyone involved resolve design conflicts and other issues before construction begins. When used to its maximum potential, BIM can also enhance quality, speed and productivity while reducing costs.…

Read More