Taxes

CARES Act Provides Paycheck Protection, Loans, Tax Credits

by Lauren Pinch | Apr 2, 2020
Legal and Regulatory | Legislation | Taxes

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

by Jeff Agranoff | Mar 18, 2020
Human Resources | Legal and Regulatory | Legislation | Taxes

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

by RubinBrown LLP | Feb 2, 2020
Accounting | Business | Finance | Taxes

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

by Richard P. Higgins | Jan 14, 2020
Accounting | Risk Management | Safety | Taxes

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.

Considerations When Balancing Strong Financial Statements and Tax Savings

by Robert Mercado, Taryn Smith | Dec 15, 2019
Accounting | Business | Finance | Taxes

Often, the primary focus for year-end is the tax liability based on the company’s annual earnings. However, sometimes the requirements for financial reporting purposes conflict with expectations regarding taxable income. Planning for this is essential.

Year-End Tax Planning Strategies for Contractors

by Jacquelyn Himes | Oct 24, 2019
Accounting | Risk Management | Safety | Taxes

Taking a strategic approach to tax planning can be beneficial, contractors should weigh costs verses benefits before implementing any tax planning strategy.

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CARES Act Provides Paycheck Protection, Loans, Tax Credits

How Coronavirus Is Impacting the Construction Industry

Families First Coronavirus Response Act Signed

Potential Tax Implications of ASC Topic 606: Revenue From Contracts With Customers

Considerations for Employee Benefit Audits

Timing Is Important in Reporting Profits and Losses

Considerations When Balancing Strong Financial Statements and Tax Savings

Year-End Tax Planning Strategies for Contractors

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