Enhance your Operations with Benchmarking Benchmarking is the process of comparing one’s business processes and performance metrics with your own historical data or those of other, similar companies. Through this process, you can identify the “best in class” business practices in the construction industry, or in another industry where similar processes exist, and compare these approaches and results with your own….

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…

Don’t Overlook the Research / R&D Credit: Are You Getting All That You Deserve? Construction businesses are often surprised to learn that they may be eligible for the research tax credit, often referred to as the “research and development,” “R&D” or “research and experimentation” credit. Too often, they assume that this tax break is for…

Are you Prepared to Tackle the New Revenue Recognition Standard? 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…

Leverage Fringe Benefits to Reduce Costs 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…

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…

Don’t Neglect the Cost to Complete On long-term construction projects, it’s critical for contractors to have systems in place to accurately estimate the cost to complete (CTC). Knowing a project’s CTC helps you develop a more accurate picture of the project’s performance to date, avoiding surprises that can hurt your profitability and shake the confidence…