Artificial intelligence (AI) has been receiving plenty of press coverage lately, much of it negative. Like many technological innovations, AI is certainly susceptible to abuse and it’s far from infallible. However, AI has the potential to transform the way contractors do business — both in the office and on the jobsite. That’s why forward-looking contractors…

Cash flow is the lifeblood of every business, but it’s especially vital for construction companies. In an industry characterized by razor-thin profit margins, solid cash management practices can make the difference between success and failure. And healthy cash flow is even more important today in light of the Federal Reserve’s recent interest rate hikes. As…

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…

Iannuzzi Manetta and CICPAC have recently collaborated with economist Dr. Chris Kuehl and Armada CI to launch this economic report specific to the construction industry. The report offers a comprehensive analysis of various factors affecting the construction industry on a macro level, including regional construction spending, raw materials, supply chain, banking and financing matters, and…

Because of COVID 19, congress passed many programs to keep people employed when companies were dealing with the impacts of COVID. One of those programs is the Employee Retention Credit (ERC). The ERC was originally introduced under the CARES Act, but the Consolidated Appropriations Act signed on December 27, 2020 made some amendments to it,…

Since 2018, with the enactment of the Tax Cuts and Jobs Act, the individual income tax Schedule A itemized deduction for state and local tax (SALT) has been limited to $10,000 ($5,000 for MFS). The $10,000 limit includes state and local income taxes, as well as property taxes. As a workaround to this limitation, on…

Compensation may take several forms, including salary, fringe benefits and bonuses. If you’re an executive or other key employee, you might receive stock-based compensation, such as restricted stock, restricted stock units (RSUs) or stock options (either incentive or nonqualified). Nonqualified deferred compensation (NQDC) may also be included in your exec comp package. The tax consequences…

The following article is included in our 2021-22 Tax Planning Guide. Download the full PDF file now.  The tax strategies that can save you the most will depend on your particular situation. For example, if you’re a parent, a tax-advantaged education savings plan may be a smart move. Or, if you’re married, a credit shelter…