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5 steps to a successful succession plan for construction firms

One of the less-talked-about economic side effects of the COVID-19 pandemic is the number of experienced professionals retiring or shortening their retirement timeline. This opens up opportunities for the next generation to step into their shoes, but it also comes with some challenges. Not having a succession plan in place can create uncertainty and unnecessary struggles for your construction firm’s new owners or leadership team.  Why […]

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Internal controls can help prevent fraud for construction firms

The general nature of the construction industry opens up opportunities for firms to fall victim to fraud. The Association of Certified Fraud Examiners (ACFE) reported the median fraud-related loss for construction firms at $200,000 for each incident between January 2018 and September 2019. In addition, 32% of survey respondents said they did not have internal controls in place, while 18% told the ACFE they regularly overrode existing internal controls.   Establishing internal controls is essential to prevent fraud and catch fraud attempts before too much damage is done to the construction firm. Here’s why construction […]

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A cost segregation study is one way to boost cash flow

If your business is planning to buy, build or substantially improve real property, a cost segregation study can help you accelerate depreciation deductions, reducing your taxes and boosting your cash flow. Even if you’ve invested in real property in previous years, you may have an opportunity to do a lookback study and catch up on […]

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5 tax planning tips for retirees

There’s a common misconception that, when you retire, your tax bills shrink, your tax returns become simpler and tax planning is a thing of the past. That may be true for some, but many people find that the combination of Social Security, pensions and withdrawals from retirement accounts increases their income in retirement and may […]

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Working remotely from “out of state” can be taxing

The COVID-19 pandemic has required many people to work remotely, either from home or a temporary location. One potential consequence of remote work may surprise you: an increase in your state tax bill. During the pandemic, it’s been fairly common for people to work remotely from another state — across state lines from the employer’s […]

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