Congress enacted the CTA in 2021 to provide information about certain entities, their owners, management, and individuals to fight money laundering, tax fraud, and other illegal activities. The CTA requires reporting companies to provide specific information about the entity, beneficial owners, and company applicants to the US Department of the Treasury’s Financial Crimes Enforcement Network…

Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning — estimating your tax liability, looking for ways to reduce it and taking timely action. To help you identify strategies that might work for you in 2023, we’re pleased to present our annual tax planning guide. This year’s…

Because of COVID 19, congress passed many programs to keep people employed when companies were dealing with the impacts of COVID. One of those programs is the Employee Retention Credit (ERC). The ERC was originally introduced under the CARES Act, but the Consolidated Appropriations Act signed on December 27, 2020 made some amendments to it,…

Since 2018, with the enactment of the Tax Cuts and Jobs Act, the individual income tax Schedule A itemized deduction for state and local tax (SALT) has been limited to $10,000 ($5,000 for MFS). The $10,000 limit includes state and local income taxes, as well as property taxes. As a workaround to this limitation, on…

Because the TCJA has put estate, gift and generation skipping transfer (GST) tax exemptions at record-high levels, far fewer taxpayers are worrying about these taxes. But the high exemptions are only temporary, and proposed tax law changes could also increase taxes when assets are transferred. So whether or not you’d be subject to estate taxes…

This guide includes year-round strategies to make the tax laws work for you. Learn about important tax law changes and ways to minimize your income tax liability.  Table of Contents: Income & Deductions Executive Compensation Investing Real Estate Business Ownership Charitable Giving Family & Education Retirement Estate Planning Tax Rates

The House of Representatives passed H.R. 5376, the Build Back Better Act, by a vote of 220–213. The bill encompasses a wide range of budget and spending provisions and has been the focus of negotiations for the past several weeks. The vote on the bill was held after the Congressional Budget Office (CBO) released its…

For construction companies struggling to find skilled labor, a generous benefits package that includes a robust retirement plan can be a powerful recruiting tool. But providing cost-effective, high-quality retirement benefits for employees can be a challenge — especially for small businesses. One new option to consider is a pooled employer plan (PEP). This variation on…

If your construction business has struggled because of the COVID-19 pandemic, you may have received a forgivable Paycheck Protection Program (PPP) loan through the Small Business Administration (SBA). But if those funds have run out — or if you have expenses that a PPP loan doesn’t cover — you may want to explore other funding…

Even before the COVID-19 pandemic, construction businesses were increasingly relying on mobile devices, cloud-based applications, online collaboration, and Internet-connected vehicles and equipment. The pan­demic has only accelerated the adoption of these technologies. As the number of entry points into your company’s network increases, so does your cybersecurity risk. Fight complacency Many of the most infamous…