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These 5 mistakes are costing your construction firm

Do you find that the percentage of profits displayed on the financial statements for your construction firm doesn’t match the markup percent you bid out? It’s not uncommon to see these discrepancies, but there are ways to minimize them and maximize your profitability.    Construction firm accounting, overhead variables are constantly in motion as travel time, fuel costs vary by job site location, […]

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Payroll fraud challenges in a remote work environment

Remote work has been a hot topic for the past several years. Since workplaces were strongly encouraged to allow non-essential employees to work from home in 2020, remote work has become an even bigger discussion. As regulations allow companies to bring employees back into the office, many are asking if remote work is a viable […]

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Understanding business meal and entertainment deduction rules

The last few years have afforded quite a few changes in how the IRS allows businesses to handle meal and entertainment costs in relation to their taxes. The 2018 Tax Cuts and Jobs Act (TCJA) eliminated deductions for most business-related entertainment expenses. Since the pandemic, the IRS has temporarily changed the tax-deductible amount allowed for […]

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IRS releases website to manage child tax credit deposits

Earlier this year, the American Rescue Plan (ARP) was announced, including some temporary updates to the child tax credits available for many parents. Under the ARP, eligible parents of dependent children can take a tax deduction of up to $3,600 per child, depending on the child’s age and household income.   Part of this tax deduction is currently planned to […]

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