Final Pass-Through Deduction Regs Offer Welcome Guidance In January, the IRS issued final regulations under Internal Revenue Code Section 199A. This section allows owners of pass-through entities — sole proprietorships, partnerships, limited liability companies and S corporations — to deduct up to 20% of their qualified business income (QBI) from those entities. Owners of construction…

Watch Out for Joint Employer Rule There’s no getting around it: Construction is an inherently collaborative enterprise. Many, if not most, projects involve a variety of contributors. But therein lies a danger. Contractors who exercise control over the employees of subcontractors or other parties — or reserve the right to exercise such control — risk…

What is Building Information Modeling Technology? Building information modeling (BIM) is one of the most important technological developments in construction history. As you’re no doubt aware if you’ve used it, the software helps everyone involved resolve design conflicts and other issues before construction begins. When used to its maximum potential, BIM can also enhance quality,…

Steel Prices Lead the Rising Material Costs Tariffs on steel and aluminum have recently contributed to rising materials costs. There are many other factors that can cause prices to escalate, too, including shortages brought about by building booms in other parts of the country or world; environmental issues, such as loss of forestlands; and rising…

Skilled Labor Shortage Still Big Problem The skilled labor shortage has been a problem for so long that you might be tired of reading about it. Yet, on a nationwide basis, the fact remains that construction businesses face a great challenge in hiring and retaining well-trained and experienced workers. If your construction company has good…

New and Improved Research Credit Benefits Smaller Companies The Protecting Americans from Tax Hikes Act of 2015 made the research credit permanent after decades of short-term renewals. It also made two important changes that expand the benefits of the credit for smaller businesses. First, beginning in 2016, the act allows businesses with average gross receipts for the…

IMC Named to INSIDE Public Accounting’s Largest 400 Firms List INSIDE Public Accounting (IPA) is proud to present its first ranking of the nation’s largest 400 accounting firms – the only one of its kind. The IPA 400 firms was listed in the October issue of IPA and picked up where August’s IPA 300 issue left…

Valuable Information to Help You and Your Company Minimize the Tax Burden It’s here! The 2018-19 Tax Planning Guide! It does require some proactive planning, estimating your tax liability, looking for ways to reduce it and taking timely action. If you don’t have the time necessary, we can help. > Reach Out Guide contents include: How…

Don’t Put Off Creating A Well-Crafted Buy-Sell Agreement The thought of creating a buy-sell agreement may strike a certain amount of trepidation into the hearts of some contractors. The mere suggestion of ownership change can raise delicate issues that are often avoided. But putting off the creation of a well-crafted buy-sell can put a construction…