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…

This guide includes year-round strategies to make the tax laws work for you. Learn about important tax law changes and ways to minimize your income tax liability.  Table of Contents: Income & Deductions Executive Compensation Investing Real Estate Business Ownership Charitable Giving Family & Education Retirement Estate Planning Tax Rates

Many construction company owners might assume that a tax credit related to research and development is out of their reach. Au contraire — contractors can and have claimed the research credit for improving construction techniques or developing industry – related software. Here’s a refresher on this potentially valuable tax break. Making the grade Essentially, the…

For construction companies struggling to find skilled labor, a generous benefits package that includes a robust retirement plan can be a powerful recruiting tool. But providing cost-effective, high-quality retirement benefits for employees can be a challenge — especially for small businesses. One new option to consider is a pooled employer plan (PEP). This variation on…

It’s not unusual for a contractor to seek damages when an owner’s actions delay completion of a project. The contractor may pursue a variety of increased costs flowing from the delay, such as increased bond or insurance premi­ums, extra supervision costs, additional equipment or utility costs, and higher home office overhead. In some cases, however,…

If your construction business has struggled because of the COVID-19 pandemic, you may have received a forgivable Paycheck Protection Program (PPP) loan through the Small Business Administration (SBA). But if those funds have run out — or if you have expenses that a PPP loan doesn’t cover — you may want to explore other funding…

Enjoy our recent release of compensation / salary data for three contractor positions. We offer this Compensation Report to provide you with benchmarks relating to compensation for three industry positions: Senior Project Manager, Senior Estimator, and Controller. The Executive Compensation Survey for Contractors and the Construction Management Staff Salary Survey were utilized to pull this data together. These publications…

General contractors now face two primary challenges: recover from project shutdowns and slowdowns caused by the pandemic, and capitalize on what could be a much stronger economy in the months ahead. In this environment, vetting subcontractors for quality of work and financial stability is more important than ever. Strength of ownership The first thing to…

The CARES (Coronavirus Aid, Relief, and Economic Security) Act may be best known for its provisions designed to shore up the economy as the nation copes with the COVID-19 pandemic. These include distributing Economic Impact Payments to individuals and offering Paycheck Protection Program (PPP) loans to businesses. But the act also includes several provisions that…

Even before the COVID-19 crisis, construction technology was transforming the way contractors go about their business. Whether this transformation was happening rapidly or gradually is up for debate, but there’s little doubt that change was (and is) occurring. The pandemic will likely accelerate the technological (r)evolution as contractors look for ways to work more safely…