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Construction firm strategy for the end of the 2021 tax year

Whether your construction firm is experiencing a boom in demand or having a year with some financial challenges, year-end tax planning can help create additional cash flow for your business. Lawmakers and the IRS introduced several new programs and clarifications on existing programs in 2020 and 2021 related to COVID-19 relief that expanded tax credit and deduction eligibility for many businesses that may help you […]

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Seven tax strategies that save small businesses money

Taxes are a constant for any business. They come due every year, whether you have a  profitable year or are in times of economic downturn. Planning for your taxes is an important business function, as it allows you to make decisions throughout the year to maximize your tax deductions and save your business on taxes.   Businesses often encounter multiple types […]

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Don’t overlook the Employee Retention Credit

Note: We are closely monitoring H.R. 3684, known as the Infrastructure Investment and Jobs Act. The Senate has approved the infrastructure bill and now goes to the House of Representatives for consideration as of the publication. The infrastructure bill would terminate the employee retention credit early, making wages paid after September 30, 2021, ineligible for the […]

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Implementing the new lease accounting standards for private construction firms

During the uncertainty of the pandemic in 2020, the Financial Accounting Standards Board (FASB) granted a temporary reprieve for private companies, delaying their deadline for implementing new lease accounting practices. If your construction firm is privately held and hasn’t yet adjusted how you report leases on your financial reporting documents, keep reading for more information […]

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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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