Construction & Real Estate Featured

How Can Contractors Use Wearable Technology?

Construction companies are increasingly using wearable technology to improve the building process. As you’re probably aware, the term refers to a wide variety of hands-free electronic devices that can be worn directly on the body or embedded in hard hats, boots, vests or other gear. Typically, wearables are powered by microprocessors and internet-connected, so they…

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8 Tips for Managing Your Supply Chain

The COVID-19 pandemic and other world events have triggered or worsened supply chain risks and shortcomings affecting many industries — including construction. Materials or equipment shortages or delays can be devastating to a project, so it’s critical for contractors to actively manage their supply chains. Here are eight strategies to consider: 1. Develop and maintain…

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Prepare for Project Delays With Savvy Financial Strategies

Although construction activity tends to ramp up nationwide over the summer, that doesn’t mean everything goes as planned. A project that looks sunny on paper can turn into a hot mess if it experiences serious delays. Make sure you’re prepared. The usual suspects As you’ve likely experienced, various unforeseen events can bring a job to…

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The New Lease Accounting Standard is Here (For Real This Time)

Does your construction business follow Generally Accepted Accounting Principles (GAAP)? And does it lease equipment, real estate or other assets? If you answered “yes” to both questions, your company should be implementing the new GAAP lease accounting standard now. The new standard, which will be reflected in your 2022 year-end financial statements, could have a…

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DMV Business Licenses: What Construction Contractors Need to Know

The Washington DC metropolitan area is known as one of the most affluent and economically resilient areas in the United States, and accordingly, presents many opportunities for construction contractors wishing to establish or expand operations in the area. The region is comprised of three main territories: Washington DC, Maryland, and northern Virginia (often referred to…

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5 Tips for Avoiding Profit Fade

Profit fade can be a serious problem for construction companies. It’s not only a red flag for sureties and lenders, but also a harbinger of doom for the overall financial performance of the business. As the name suggests, profit fade simply means a decline in expected gross profits over the course of a project. There…

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Could You Qualify for an Energy-Efficient Tax Deduction?

Section 179D of the tax code allows a deduction for the cost of energy-efficient improvements to new or existing commercial buildings, as well as certain residential rental buildings. Originally a temporary incentive that was renewed several times, the tax break became permanent under legislation passed in late 2020. The legislation also called for the maximum…

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Sizing up a Public Infrastructure Project

Given all that’s going on in the nation and the world, the federal infrastructure bill passed toward the end of last year might seem to have gotten lost in the shuffle. But, indeed, the Infrastructure Investment and Jobs Act was signed into law on November 15, 2021, and it represents a veritable mountain of opportunities…

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Sales and Use Taxes: An Ongoing Challenge

We’re fast approaching the fourth anniversary of the U.S. Supreme Court’s landmark decision in South Dakota v. Wayfair. That makes now a good time for construction business owners to review their sales and use tax obligations. Wayfair explained In Wayfair, the Court ruled that a state may require out-of-state sellers to collect and remit sales…

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Pump up Tax Savings with the Fuel Tax Credit

Construction companies that wish to reduce their tax bills or increase their refunds shouldn’t overlook the fuel tax credit. The federal fuel tax, which is used to fund highway and road maintenance programs, is collected from buyers of gasoline, undyed diesel fuel and undyed kerosene. (Dyed fuels, which are limited to off-road use, are exempt…

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