The Consolidated Appropriations Act, 2021 (Act) was signed into law at the end of December 2020. We will be highlighting various tax provisions included in the Act over the next few weeks. The Act includes a provision for a second round of PPP loans for qualifying businesses (PPP2). To qualify for PPP2, a business must […]
On September 3, 2019, for certain entities and filing types currently registered to file/pay tax online, the Indiana Department of Revenue (IDR) will release their new online e-services portal called INTIME. The new portal will only be available for the following: C Corporations, S Corporations, Partnerships, Utility Receipts, Financial Institutions, Nonprofits, and Aircraft customers. Other […]
The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of […]
On one level, every company’s inventory is a carefully curated collection of inanimate objects ready for sale. But, on another, it can be a confounding, slippery and unpredictable creature that can shrink too small or grow too big — despite your best efforts to keep it contained. If your inventory has been getting the better […]
When you think about recent tax law changes and your business, you’re probably thinking about the new 20% pass-through deduction for qualified business income or the enhancements to depreciation-related breaks. Or you may be contemplating the reduction or elimination of certain business expense deductions. But there are also a couple of recent tax law changes […]
One of the steps we recommend to clients that use independent contractors and therefore face a heightened risk of a costly IRS payroll tax or benefits audit, is a quick review of some of the key things the IRS tells its agents to look at in determining whether a worker is an independent contractor or […]
Many contractors equate success to winning bids. While that can certainly be the case, there are many factors to determine how successful the bidding process really is. Many contractors sometimes add less markup in their bids to be more competitive and to increase their chances of winning the work. Others struggle to win bids so […]
It’s often said that construction is a risky business, and that’s not in reference to just job safety. Construction is also highly risky from a financial perspective — thin profit margins, unpredictable site conditions, volatile costs, change orders and the use of multiple subcontractors. In addition, many construction projects are performed over long periods of […]
Accurate bidding is critical to any construction company that wishes to be profitable over the long haul. Here are four common bidding errors that you need to avoid: 1. Miscalculating direct costs. Items such as labor, materials and subcontractor fees are typically referred to as direct costs. They tend to be relatively straightforward but mistakes […]
Paying income taxes is painful enough without the specter of penalties and interest. But that’s just what you’ll incur if an IRS audit reveals you broke the rules. Here are five tips for avoiding those audit triggers that can tax your construction company in more ways than one: Report all business income. You must pay […]