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Category: Contractor Chronicles

Prepare your construction business for the next economic downturn

The effects of the COVID-19 pandemic have been unprecedented and far-reaching. Nearly every industry across the world has been impacted in some ways forcing market slowdowns and, in some cases, complete business closures. It’s an unprecedented economic crisis – more challenging than even 2008 in some ways – and the effects have been far felt in economies worldwide.  For the construction […]

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PPP loans for contractors and the documentation you should have

The impact of COVID-19 on the construction industry has been felt in both staffing, jobsite operations, and funding as projects become uncertain and employee safety becomes paramount. The Small Business Administration (SBA) Paycheck Protection Program (PPP) outlined in the CARES Act was intended to provide relief for small businesses struggling during the pandemic, and the construction industry has […]

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Avoid These 3 Tax Mistakes in Your Construction Firm

Many construction companies don’t realize how much money they are leaving on the table because of missed tax credit and deduction opportunities. On top of that, mistakes in accounting methods and classifications can cost contractors large sums at the end of the fiscal year. In this article, we will look at three common tax mistakes […]

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How Builders Can Prepare for Opportunity Zone Projects

On December 19, the Internal Revenue Service (IRS) issued final regulations regarding investments in and qualifications of opportunity zones. In addition to providing clarity around taxpayer eligibility and deferral permissions, the document addressed the various requirements for qualified opportunity funds (QOF) and qualified opportunity zone (QOZ) businesses. From a tax perspective, this guidance will solidify […]

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2020 Standard Mileage Rates Announced for Business, Charitable, Medical, and Moving Purposes

The Internal Revenue Service recently issued the 2020 optional standard mileage rates. These rates, which adjust every year to account for inflation of fuel costs, vehicle cost and maintenance, and insurance rate increases, will once again affect the way a company reimburses their mobile workers. Specifically, the IRS mileage rate is a guideline that businesses […]

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