contractor

damages

Clearing the Higher Bar for Disruption Damages

It’s not unusual for a contractor to seek damages when an owner’s actions delay completion of a project. The contractor may pursue a variety of increased costs flowing from the delay, such as increased bond or insurance premiums, extra supervision costs, additional equipment or utility costs, and higher home office overhead. In some cases, however,…

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Tax Planning Construction CAA

Tax Planning: Don’t Forget About the CAA

Remember the Consolidated Appropriations Act (CAA)? It was signed into law on December 27, 2020, providing relief to individuals and businesses affected by the COVID-19 pandemic. In addition to reducing 2020 tax bills, the act provides several tax benefits for 2021, so be sure to keep it in mind as the year rolls along. Here…

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Connecting your succession plan to your estate plan

Connecting Your Succession Plan to Your Estate Plan

For any business owner, contractors included, putting together a succession plan may seem like an overwhelming task. Often, among the most difficult things to conceptualize is precisely how to connect — and beneficially integrate — your succession plan with your estate plan. Here are few ideas to consider. Sell your shares By selling your ownership…

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accounts payable

Boost Cash Flow with Savvy Accounts Payable Strategies

Managing accounts payable is a critical task for any business, but it’s particularly important for construction companies. Most contractors juggle payments to a variety of subcontractors, suppliers and other entities. (We’ll refer to them collectively as “vendors.”) And the players involved may differ from job to job, depending on location and other factors. As a…

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construction job schedules

Accurate Job Schedules Add Value to Financial Reporting

When many contractors read the term “financial reporting,” they may naturally think of their financial statements. However, another important aspect of financial reporting is the regular and consistent handling of job schedules. Careful and detail-oriented accounting work is necessary to keep yours as timely and accurate as possible. 3 typical schedules There are generally three…

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ppp loans

Asking for Forgiveness? Contractors Should Handle PPP Loans with Care

Many construction companies have taken advantage of the Paycheck Protection Program (PPP) loans during the COVID-19 pandemic. Established under the CARES Act, the PPP provided eligible businesses with loans — guaranteed by the Small Business Administration (SBA) — to help cover payroll and other costs. Recipients of PPP loans may also qualify for debt forgiveness…

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Virginia mechanic's lien forms have been ammended

Virginia Mechanic’s Lien Form Amendment

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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construction cybersecurity assessment

Should Your Construction Company Conduct a Cybersecurity Assessment?

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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construction apprenticeship program

Help Build Tomorrow’s Workforce with an Apprenticeship Program

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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construction meal and entertainment expenses

Deductibility of Meals and Entertainment Expenses After Tax Reform

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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