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…

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….

On Friday, March 27, the President signed the massive $2 trillion Coronavirus Stimulus Bill (the Coronavirus Aid, Relief and Economic Security [CARES Act) to provide assistance to workplaces and employees. The law provides many benefits intended to deliver cash into the hands of individuals and businesses, as well as many other tax provisions. BUSINESS TAX…

A LETTER TO OUR CLIENTS / FRIENDS AS WE NAVIGATE THESE UNIQUE TIMES We understand your highest priority is the health and safety of those you love and yourself. Assuming you have a little extra time, here’s an article about non-medical – but important – matters related to the health crisis. Below is a summary…

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…

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…

After reaching a certain level of success, many construction companies struggle to keep up with employment and human resources (HR) tasks such as recruiting and hiring, payroll processing, and employee benefits and workers’ comp administration. One solution may be to outsource these functions to a professional employer organization (PEO). How it works When you partner…

You Can’t Avoid Taxes, but You Can Take Steps to Minimize Them To help you identify strategies that might work for you in 2019, we’re pleased to present this tax planning guide. It provides a refresher on some of the most significant changes that generally went into effect last year under the Tax Cuts and…

Most contractors struggle with cash flow occasionally, if not regularly. These problems can take a variety of shapes and sizes and stem from many causes. One common contributor to cash flow slowdowns is the very paperwork you use to arrange and close out projects: namely, your contracts and invoices. Read the fine print When you…

In January, the IRS issued final regulations under Internal Revenue Code Section 199A. This section allows owners of pass-through entities — sole proprietorships, partnerships, limited liability companies and S corporations — to deduct up to 20% of their qualified business income (QBI) from those entities. Owners of construction companies organized under these entity types should…