Five Things Every Auditor Needs to Know About Taxes This Year
Here are five things that every auditor should be able to discuss with construction clients for this coming tax year.
R&D Tax Credit Can Boost Cash Flow for Construction Companies
With the COVID-19 pandemic disrupting construction projects across the country, contractors should take a closer look at the federal R&D tax credit and how this lucrative tax incentive could mitigate the financial impact of this crisis.
CARES Act Provides Paycheck Protection, Loans, Tax Credits
The CARES Act provides approximately $2 trillion in aid to individuals and businesses throughout the country. Contractors are encouraged to consult with their accountants and financial advisers on the new payroll and tax provisions.
How Coronavirus Is Impacting the Construction Industry
The IRS extended the deadline to file tax returns and pay taxes, relieving some immediate financial fears for contractors related to COVID-19. Here are a few ways contractors can lessen the impact of the virus on other areas of their businesses.
Families First Coronavirus Response Act Signed
President Trump signed the Families First Coronavirus Response Act shortly after it passed through the Senate on March 18. The legislation, which goes into effect 15 days after enactment, includes several exemptions and tax credits.
Potential Tax Implications of ASC Topic 606: Revenue From Contracts With Customers
New revenue recognition standards under FASB Accounting Standards Codification Topic 606 require companies to adopt new methods to recognize revenue from contracts with customers for book purposes.
Considerations for Employee Benefit Audits
Construction firms can take precautionary steps to ensure successful employee benefit audits this year.
Timing Is Important in Reporting Profits and Losses
The timing of reporting income or deferring costs can have a significant impact on a contractor’s income tax liability. Implementing tax planning strategies can make a big difference.
