Most business owners aren’t content with running a small company. They want to see that operation grow and grow to become a major player — if not the dominant player — in their markets. This certainly holds true for construction companies. Most general contractors aren’t satisfied jumping from small job to small job. They want to [...]
Construction is a competitive industry. And contractors aren’t just competing for projects; they’re also competing for a dwindling supply of new management talent and other skilled workers. To combat this problem, consider incentives that can help you attract, retain and motivate quality employees, such as equity-based compensation. A Powerful Tool Among the most powerful tools [...]
The Tax Cuts and Jobs Act (TCJA) slashed federal corporate income taxes from a top rate of 35% to a flat rate of 21%. As a result, many construction company owners organized as pass-through entities — such as S corporations, limited liability companies (LLCs) and partnerships — are rethinking their business entity structures. An owner’s [...]
In recent years, the U.S. Immigration and Customs Enforcement (ICE) agency has focused its attention on construction companies and other businesses that rely heavily on foreign workers. And the agency isn’t just targeting companies that employ workers who are in the country illegally. It’s also penalizing businesses that fail to satisfy their employee verification paperwork [...]
The Tax Cuts and Jobs Act (TCJA) slashed federal corporate income taxes from a top rate of 35% to a flat rate of 21%. As a result, many construction company owners organized as pass-through entities — such as S corporations, limited liability companies (LLCs) and partnerships — are rethinking their business structures. An owner’s share [...]
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 Accounting Principles. Is your company [...]
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 been adopted in many states. Government [...]
The passage of a new tax law in December was intriguing news for most construction company owners. Now that the dust has settled, let’s take a look at some of the highlights of the Tax Cuts and Jobs Act (TCJA). Tax Rates Reduced Most construction companies will see their tax rates go down in 2018. [...]
As we approach the end of 2017, it’s once again time to explore strategies for reducing your construction company’s tax bill. Because every business is different, it’s important to work directly with your CPA to determine the right moves for you. Nonetheless, here are some key areas to explore when looking for savings. Deferrals and [...]
Released: 9/28/2017 President Trump, along with Republican leaders of Congress, released an outline of the President Tax Plan named “Unified Framework for Fixing Our Broken Tax Code.” The intended effective date of the tax plan has not been mentioned; but It is intended to be enacted before the end of this year. The Plan is short [...]
