Construction & Real Estate
Construction companies are highly vulnerable to cyberthreats because of the mobile nature of their operations. And the risk of a breach goes far beyond disclosure of confidential financial information or competitive intelligence. Hacking a construction business could also raise serious concerns about potential personal injuries and property damage. Imagine the harm a hacker could cause…
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The construction business is risky business — especially in today’s inflationary and supply-chain-addled environment. That’s why it’s critical for general contractors to take steps to mitigate their risks, which includes minimizing the likelihood of subcontractor default by ensuring that the subcontractors they work with can satisfactorily complete work. Assuming you’re a general contractor, failure to…
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Depending on where you’re at in your career as a construction business owner, a succession plan might seem like something for a far-off distant future or one of those “back-burner goals” that’s gradually growing in importance with each passing year. Humans are naturally reluctant to think about their later years or death. And construction company…
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The Tax Cuts and Jobs Act (TCJA) imposed a new limitation on deductions of business interest expense by certain companies. And the limit, found in Section 163(j) of the Internal Revenue Code, became even more restrictive in 2022 — especially for capital intensive businesses. As a construction business owner, you should determine whether the deduction…
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If you are a construction subcontractor in Virginia, you may see a shift in the timing of when you are paid. As of January 1, 2023, Virginia has instituted a ban on the “pay-if-paid” clauses in construction contracts that put a burden on subcontractors when the general contractor was not timely paid by the project owners.…
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Many companies opt to use company-owned vehicles. Whether it be a large cement mixing truck for use on a construction site, a company van sent out with service professionals on work jobs, or a company car for executives, these purchases are important to the practical nature of some businesses and in some cases the image…
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The following is a brief summary of recent state legislation related to contracts, prevailing wages, overtime and family leave that could affect you or your construction business. VIRGINIA Prohibition on Pay-When-Paid Clauses in Construction Contracts Virginia amended a portion of the Virginia Prompt Payment Act (VA Code 2.2-4354) and a portion of the Virginia Wage…
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Imagine, if you will, creating virtually any tangible object based on the digital, three-dimensional (3D) model on your computer screen. Well, you don’t have to imagine it — that’s 3D printing, theoretically at least, and it’s in use right now. This technology has advanced dramatically and could transform many industries, including construction. While its ultimate…
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When you go to the doctor, the first thing the medical staff does is check vital signs such as your temperature and blood pressure. That’s because if any of these measurements are outside the norms, you might have an underlying problem that the doctor needs to address. For the same reason, construction company owners should…
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Construction companies continue to look far and wide for laborers. If you’re willing to expand your hiring pool and do some additional tax documentation, the Work Opportunity Tax Credit (WOTC) is worth a look. The purpose The WOTC is designed to incentivize employers to hire employees from “targeted” groups made up of typically disadvantaged individuals.…
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