Managing construction project scope often looks solid on paper. But put boots and equipment on the ground and suddenly — or, more often, gradually — the job can go soggy as additional, unanticipated work seeps into other tasks. Sometimes you can get paid for this additional work if the owner will sign off on a…
The SBA released the Paycheck Protection Program Loan Forgiveness Application on May 15. Read below for a detailed analysis of the application. IMC is offering high-level and extensive assistance with the PPP Loan Application and Forgiveness Process. Reach out today to set up a time to discuss how it may affect your company. Chris Iannuzziciannuzzi@imc-cpa.com248.641.0005…
Today the government issued some much awaited guidance on the issue of businesses being scrutinized and/or audited for their receipt of PPP loans. The guidance comes in FAQ 46 (click here for details). Based on the plain reading they will not question “good faith certifications” for loans of less than $2 million. Treasury states that…
True to their name, recently created qualified opportunity zones (QOZs) may raise attractive opportunities for contractors. But, before taking advantage, familiarize yourself with the requirements of these projects and be on guard against their potential risks. How QOZs Work QOZs were established under the Tax Cuts and Jobs Act. They’re designed to attract investment in…
Robotic process automation (RPA) isn’t new, but improvements in the technology and shrinking costs have made it more accessible than ever. By taking over repetitive, mundane, time-consuming tasks, RPA can reduce costs, increase efficiency and productivity, minimize errors, and free up employees to focus on higher value activities. The technology holds promise for construction companies,…
On Thursday April 30th, the IRS issued Notice 2020-32 to provide guidance on the tax effect of Paycheck Protection Program (PPP) funds. PPP provides funding based on 2.5 months of the prior year’s payroll. The amount of the funds used for Payroll, Rent, Utilities, and certain other expenses over an eight week period are forgiven….