The EFA Company Blog

Keeping you up to date on the latest happenings in audit, tax, accounting and the construction industry.

New AIA Contracts Emphasize Insurance Requirements

The construction contract documents published by the American Institute of Architects (AIA) are among the most commonly used forms on both commercial and residential projects in the United States. Although [...]

Reviewing Retainage, In Concept and In Practice

Even the simplest construction project involves some degree of risk. Because of this, and the obviously higher degree of risk applicable to more complex jobs, owners will always seek to [...]

Does Your Company Need a Controller or CFO?

The construction industry is characterized by tight profit margins and significant cash flow challenges. Your company’s success depends on strong financial leadership. To meet this need, many contractors reach a [...]

Year-End Tax Planning: Explore 2017’s Key Areas

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 [...]

President Trump’s Long-Awaited Tax Plan

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 [...]

6 Tips for More Effective Change Orders

In the construction industry, change orders are a fact of life. The trick is making them a profitable one! Here are 6 tips for effectively managing the change order process. Managing change orders wisely [...]

Cross-Training Can Help Mitigate the Labor Shortage

It’s an unfortunate fact of life that shows no signs of diminishing soon. The construction industry continues to struggle with a shortage of skilled labor. Many contractors find themselves sorely [...]

Waivers of Subrogation: Are you Really Protected?

It’s common for a construction contract to contain a “waiver of subrogation” provision under “insurance requirements.” Unfortunately, these provisions are widely misunderstood. Although they’re designed to shield owners, contractors and [...]

4 Accounting Alternatives That May Reduce Financial Reporting Costs

Many privately held construction companies prepare audited financial statements that comply with Generally Accepted Accounting Principles (GAAP) as established by the Financial Accounting Standards Board (FASB). They do so, at [...]

Section 199 Deduction Looking Better for Contractors

For many years, contractors have been advised to look into the Section 199 tax deduction for “domestic production activities.” Although the deduction focuses on manufacturing, it’s also available for “construction [...]