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 protect themselves financially. One way they continue to do so is through retainage. As you’re no doubt aware, under the concept of retainage, an owner [...]
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 point where they should either appoint or hire a controller or Chief Financial Officer (CFO). But the differences between these two roles are often misunderstood. [...]
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 [...]
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 can make the difference between a successful job and a losing one. Read the contract. This may sound obvious, but contractors often assume things about approval [...]
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 limited in the size and number of projects they can take on because they simply don’t have the workforce to deploy. One way to mitigate [...]
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 subcontractors against lawsuits by insurers covering project-related claims, the protection offered may not be as extensive as you might think. Understanding the concept Subrogation is [...]
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 least in part, to satisfy the requirements of lenders, sureties and other business partners. Many of GAAP’s requirements benefit private businesses and their financial statement [...]
They say two heads are better than one. This can sometimes be the case for construction projects when, whether because of difficult logistics or challenging technical aspects of a job, two contractors team up under a joint venture to give themselves the best odds of success. It’s an excellent solution when the circumstances are right. [...]
Excerpt from recently released article by thetaxadviser.com (Full article, "Next Filing Season Will Be Better: Due Dates Have a New Logical Order) As practitioners get ready for the 2017 filing season, there is hope that next year will be better. That is because the 2017 filing season will involve new due dates, a result of [...]
You don't want to miss all the good information that is included in this year's Estate Planning Guide. Here are just a few of the topics we've covered: Understanding estate planning - it's more than taxes! Greater estate tax law certainty eases planning Benefits of making gifts to loved ones Charitable giving for your family [...]
