11.2.21
Follow the Cutoff Rules for Revenue and Expenses
Timing counts in financial reporting. Under the accrual method of accounting, the end of the accounting period serves as a strict “cutoff” for recognizing revenue…
11.2.21
Is the Research Credit Within Your Reach?
Many construction company owners might assume that a tax credit related to research and development is out of their reach. Au contraire — contractors can…
11.2.21
Put Some PEP in Your Step: A New Retirement Plan Option To Consider
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…
11.1.21
Employers: The Social Security Wage Base Is Increasing in 2022
The Social Security Administration recently announced that the wage base for computing Social Security tax will increase to $147,000 for 2022 (up from $142,800 for…
10.22.21
Debate Continues in Congress Over Proposed Tax Changes
Negotiations continue in Washington, D.C., over the future of President Biden’s agenda. Tax law changes may be ahead under two proposed laws, the Build Back…
10.13.21
Techniques To Improve Internal Financial Reporting & Analysis
Having sound financial reporting is an important practice for any business. Ensuring that your internal reports are not only timely but accurate and complete is…
10.12.21
New Per Diem Business Travel Rates Became Effective on October 1
Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that…
10.12.21
State Taxes Impact Business Sales, Too
For various reasons, business owners sometimes decide to put their companies on the market. To successfully negotiate the sale of a business, it’s critical to…
10.12.21
Don’t Get Blown Away by a Windfall
Receiving a sudden and sizable influx of cash may seem like a dream come true. It can be, but many people get blown away by…
10.12.21
The Deductibility of Medical Expenses
Individual taxpayers may be able to claim medical expense deductions on their tax returns. However, the rules can be challenging, and it can be difficult…