Construction & Real Estate

Do You Know Where Your Company Stands Financially?

All business owners (including contractors) need to get a handle on where their companies stand in relation to the past and to others in their respective industries. Unfortunately, too many contractors fail to do so and, as you can imagine, this can undermine their bottom lines. Fortunately, there are ways to keep track of key…

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Contractor’s Toolbox: Your Insurer May Not Cover Construction Defect Claims

Contractors often assume that their commercial general liability (CGL) insurance policies will cover them in the event of a construction defect claim. But that’s not necessarily the case. Coverage may be denied if construction defects either: 1) aren’t considered accidental “occurrences” under applicable state law, or 2) fall within one or more policy exclusions.

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The Tax Implications of the New Revenue Recognition Standard

Last year, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. The new standard, which takes effect in 2018 for privately held companies (2017 for public companies), creates a single, comprehensive revenue recognition model to replace today’s industry-specific — and often inconsistent — rules.

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8 Tips for Improving Productivity

In an industry as labor-intensive as construction, few things can hurt a contractor’s profitability more than unproductive workers. Here are eight tips for improving productivity.

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How to Tackle the Issue of Profit Fade

As you know, profit fade can be the downfall of many contractors. But there are several tactics that can help ensure your profits don’t fade away in a mist.

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Working out of State? Don’t Leave Home without a License

In today’s competitive environment, an increasing number of contractors are seeking business opportunities across state borders. If you’re considering this strategy, start planning as early as possible and give yourself plenty of lead time to comply with out-of-state licensing requirements.

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Transition Relief Allows Employers to Claim Retroactive Work Opportunity Tax Credit

The IRS has provided employers with additional time to obtain the certification necessary to claim the Work Opportunity Tax Credit (WOTC), which was retroactively extended by the Tax Increase Prevention Act of 2014 to December 31, 2014.

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Using JPM to Track Productivity During Jobs

Poor productivity can spell disaster for a construction project. Unfortunately, traditional measures of productivity are applied after the fact, so they do little to help contractors spot issues during a job — while there’s still time to do something about it.

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Impressing Your Surety in an Iffy Economy

Contractors understand the need to look good in the eyes of their bonding providers. But with the ups and downs in today’s economy, it can be difficult to demonstrate that you deserve a solid “thumbs up.” So how can you impress your surety that your bonding capacity is all that it should be? Read on.

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Succession Planning: Will Your Buy-Sell Agreement Work When You Need It?

To ensure a smooth ownership and management transition from one generation to the next, all closely held construction companies should have a succession plan. And a key component of that plan needs to be a buy-sell agreement.

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