Family-owned construction businesses often face distinctive challenges when it comes to succession planning. Emotions can run high, and the business owner’s lifelong working legacy may be at stake. Once you’ve chosen a successor, and put a basic succession plan in place, it’s important to respond quickly if trouble starts brewing. Form your team Succession problems…

Late last year, the Financial Accounting Standards Board granted a one-year reprieve from new lease accounting rules to private companies that comply with Generally Accepted Accounting Principles (GAAP). This means that GAAP-compliant construction businesses with a calendar year end now have until 2021 to implement Accounting Standards Codification (ASC) Topic 842, Leases. (Contractors with a…

We are excited to share our exciting news! As our firm approaches our 30th Anniversary, we started looking at our brand, mission, vision and values. As many of you can imagine, coming up with a new brand for Iannuzzi Manetta was quite a process! Since 1990, Iannuzzi Manetta has been the CPAs and Advisors dedicated…

Would you recognize an indirect cost if you saw one? Indirect costs can have a substantial impact on a construction company’s financial picture and bottom line. But they’re not always the easiest things to “see.” Let’s zoom in to bring indirect costs better into focus. Viewing the numbers It helps to first define project costs…

As a construction business, your company may be eligible for the Section 199A deduc­tion for “domestic production activities.” This tax break is known by several names, including the “domestic production activities deduction” and the “manufacturers’ deduction.” In fact, many contractors overlook the Sec. 199 deduction because they believe it’s only for man­ufacturers. But it’s also available…

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 fuel and other transportation costs. What can…

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 people on board right now, you’ve…

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. In doing so, you’ll hopefully…

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 been adopted in many states. Government…

The notion of starting work on a project without a license may seem unthinkable. But, in their rush to win bids and start work, many contractors have run afoul of licensing issues. Here’s how it can happen. A Major Culprit Out-of-state work is a major culprit. If you work on projects in other states, be…