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 previous three years of $50 million or less to claim the…

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 only large pharmaceutical, biotechnology, software and aerospace companies, so they don’t bother to investigate…

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 that comply with Generally Accepted Accounting Principles. Is your company…

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…

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 off, ranking firms from No. 301 to No. 400. To…

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 of lenders and sureties. By getting…

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…

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…

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 company at risk if unexpected circumstances arise. Understand…

No part of the country is immune from disaster. Whether your construction company operates near water or in a desert, in the city or the suburbs, a natural calamity could stop you in your tracks and even put you out of business. For this reason, it’s a good idea for every contractor to at least…