Construction & Real Estate
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.Read More
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.Read More
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.Read More
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.Read More
Last year, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-07, Applying Variable Interest Entities Guidance to Common Control Leasing Arrangements. This guidance offers private companies a simpler way to account for certain related leasing entities. Construction businesses that adopt the alternative can avoid the potentially costly variable interest entity (VIE)…Read More
After a project is completed, it’s useful to perform a “postmortem” to not only analyze what went right and what went wrong, but also apply what you learned to improving performance on future projects. But what about current jobs? Using work-in-process (WIP) reports, you can monitor vital signs while jobs are in progress and then,…Read More
To ensure the continued success of your construction business, it’s imperative to keep your employees motivated. One way to accomplish that is to offer performance-based bonuses. But, be forewarned: developing an effective performance-based plan can be a challenge.Read More
Recently, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued a new, converged revenue recognition standard, concluding a multiyear effort to develop uniform, worldwide guidelines. By replacing industry-specific rules, the new standard strives to eliminate inconsistencies and improve financial statement comparability.Read More
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