Watch Out for these Tax Issues When Planning for Your Business in 2018

The Tax Cuts and Jobs Act makes sweeping changes. But some of the new provisions won’t necessarily be relevant to your situation. Here’s a quick reference guide to the major changes under the new law to help you understand what’s changing. In general, these changes are effective for tax years beginningRead More …

New Tax Law Boosts Appeal of Qualified Small Business Corporations

Would you like to invest in a business that allows you to subsequently sell your stock tax-free? That may be possible with qualified small business corporation (QSBC) stock that’s acquired on or after September 28, 2010. Sales of QSBC stock are potentially eligible for a 100% federal income tax exclusion. ThatRead More …

Should Your Business Be a C Corporation or a Pass-Through Entity?

The Tax Cuts and Jobs Act (TCJA) introduced a flat 21% federal income tax rate for C corporations for tax years beginning in 2018 and beyond. Under prior law, profitable C corporations paid up to 35%. This change has caused many business owners to ask: What’s the optimal choice of entityRead More …

Focus on Collaboration: The Estimator’s Changing Role

Technological innovations and other recent developments are rapidly altering the job of the estimator in construction. Estimators are taking on a more collaborative, value-added role — enabling them to have a significant impact on project costs, quality and risk management. Let’s look at some of the most important changes. BetterRead More …

Are you ready for the new revenue recognition standard?

It’s been eight years since the Financial Accounting Standards Board (FASB) first proposed an overhaul of its revenue recognition standard and four years since it issued the new standard. Now the standard’s effective date is finally approaching — Jan. 1, 2019, for calendar-year nonpublic companies that comply with Generally Accepted AccountingRead More …

Lock Down Financial Assets with the Right Controls

You’ve got a fence around the job site. Your heavy equipment is turned off and the keys stored securely. Your materials are tied down and, where possible, kept out of sight. But what about your financial assets? Are you protecting those as carefully as your physical assets? Many contractors worryRead More …

Leveraging Fringe Benefits to Reduce Costs

Construction is a highly competitive industry in the private sector. But when it comes to public projects, winning a job can be even more cutthroat. That’s because government jobs are often subject to prevailing wage laws, such as the federal Davis-Bacon Act or the “little Davis-Bacon acts” that have beenRead More …

4 Questions to Ask Before Hiring Household Help

When you hire someone to work in your home, you may become an employer. Thus, you may have specific tax obligations, such as withholding and paying Social Security and Medicare (FICA) taxes and possibly federal and state unemployment insurance. Here are four questions to ask before you say, “You’re hired.”Read More …

Don’t Let the Kiddie Tax Play Costly Games with You

It’s not uncommon for parents, grandparents and others to make financial gifts to minors and young adults. Perhaps you want to transfer some appreciated stock to a child or grandchild to start them on their journey toward successful wealth management. Or maybe you simply want to remove some assets from yourRead More …

Retirement Plan Options for Business Owners

As a business owner, you may have most of your money tied up in your company — making saving for retirement especially challenging. If you haven’t already set up a tax-advantaged retirement plan, think about setting one up this year. Keep in mind that, if you have employees, they generallyRead More …

From the IRS Regarding Preparing for Natural Disasters

The Internal Revenue Service offers tips for disaster preparedness on their website for those who may be affected by storms or other natural disasters. They offer a special toll-free number to taxpayers in federally-declared disaster areas, staffed with IRS specialists who are trained to handle disaster-related issues.  To read theRead More …

2018 Federal Contractors Minimum Wage Increase

The U.S. Department of Labor’s Wage and Hour Division (WHD) has announced that the minimum wage rate for federal contractors will increase from $10.20 per hour to $10.35 per hour, effective January 1, 2018. Background Information On February 12, 2014, President Obama signed Executive Order 13658 which established a minimumRead More …

Speed Up on Payment of Receivables

Receivables don’t have much value if they aren’t turned into cash, which means your company needs to keep tight control over its invoices outstanding so you can get an accurate picture of the receivables situation and take steps to improve the turnover of those accounts.  As we come closer toRead More …

Maintain a Healthy Cash Flow

In today’s economic environment, one major concern for businesses is maintaining a healthy cash flow. If your company is feeling the squeeze of a tight economy — and tight credit — its ability to manage cash flow is critical. Enterprises that successfully practice good cash management generally survive and prosper. ThoseRead More …

What Lenders Require in Today’s Economy

In today’s tough economy, the availability of business credit remains tight. Financial institutions are cautious and highly skeptical of new lending requests. In addition to increased scrutiny regarding new relationships, bankers are also increasingly turning their focus to existing customers. With little or no notice, lenders are closing business creditRead More …