Congress enacted the CTA in 2021 to provide information about certain entities, their owners, management, and individuals to fight money laundering, tax fraud, and other illegal activities. The CTA requires reporting companies to provide specific information about the entity, beneficial owners, and company applicants to the US Department of the Treasury’s Financial Crimes Enforcement Network…
Iannuzzi Manetta and CICPAC (the association of CPAs who know Construction), in collaboration with economist Dr. Chris Kuehl and Armada CI, have finalized the latest economic report that targets the construction sector. The report offers a comprehensive analysis of various factors that affect the construction industry on a macro level, including regional construction spending, raw materials, supply chain, banking and financing matters,…
The Tax Cuts and Jobs Act (TCJA) imposed a new limitation on deductions of business interest expense by certain companies. And the limit, found in Section 163(j) of the Internal Revenue Code, became even more restrictive in 2022 — especially for capital intensive businesses. As a construction business owner, you should determine whether the deduction…