Construction Industry
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…
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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…
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There’s no getting around it: Construction is an inherently collaborative enterprise. Many, if not most, projects involve a variety of contributors. But therein lies a danger. Contractors who exercise control…
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Most contractors struggle with cash flow occasionally, if not regularly. These problems can take a variety of shapes and sizes and stem from many causes. One common contributor to cash…
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In January, the IRS issued final regulations under Internal Revenue Code Section 199A. This section allows owners of pass-through entities — sole proprietorships, partnerships, limited liability companies and S corporations…
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Insurance is a challenge for most construction businesses. You want to control your costs, but you may struggle to obtain affordable coverage of difficult-to-insure risks or fill “gaps” in your…
Read MoreIf you permit or require employees to purchase their own small tools and then reimburse them for the expense, and the arrangement qualifies as an “accountable plan” under IRS rules,…
Read MoreAfter 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…
Read MoreTo 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…
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