Construction & Real Estate
Whether it’s hard hats and drills on a jobsite, iPads in an office or RFID readers in a warehouse, small tools and equipment have a tendency to disappear at many companies. The cost of lost, damaged and stolen items can quickly add up, consuming profits and cash flow. What can you do to manage these…
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Determining the market value of your construction business may be necessary or desirable for many reasons. Examples include a sale or merger, financing, succession planning, tax and estate planning, insurance claims, divorce, or setting up an employee stock ownership plan. Whatever the reason, it’s important to consult an experienced valuation professional. Some contractors use rules…
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Indirect costs can have a substantial impact on a construction company’s financial picture and bottom line. But they’re not always the easiest things to “see.” Let’s zoom in to bring indirect costs better into focus. Viewing the numbers It helps to first define project costs in general. The Financial Accounting Standards Board recommends that construction…
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After reaching a certain level of success, many construction companies struggle to keep up with employment and human resources (HR) tasks such as recruiting and hiring, payroll processing, and employee benefits and workers’ comp administration. One solution may be to outsource these functions to a professional employer organization (PEO). How it works When you partner…
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Companies that qualify as “small businesses” enjoy several tax benefits, including simplified tax reporting and the ability to defer taxes under certain circumstances. Your construction company’s eligibility for these advantages depends on your gross receipts, including those earned by certain related entities. Previously, the gross receipts threshold was $5 million ($10 million in some cases).…
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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…
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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…
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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,…
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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…
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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…
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