For any business owner, contractors included, putting together a succession plan may seem like an overwhelming task. Often, among the most difficult things to conceptualize is precisely how to connect — and beneficially integrate — your succession plan with your estate plan. Here are a few ideas to consider. Sell your shares By selling your…
President Biden signed the COVID-19 relief bill, American Rescue Plan Act of 2021, into law. The legislation will have major impacts on individuals and businesses. Below is a summary of the ARPA provisions summarized in the following sections: Individual Provisions and Business Provisions. Individual Provisions Unemployment Received in 2020 Partially Excluded from Income for Some Taxpayers…
What’s the potential tax trap with the Qualified Improvement Property (QIP), read on to find out. In the current economic environment, cash flow is a precious commodity. Construction companies need to make the most of depreciation deductions that can reduce their tax bills. Fortunately, several provisions of the CARES Act can help you do just…