An obvious example is diesel fuel and gasoline. Prices for these highly visible and easily tracked commodities have risen by one third over the 12 months ending February 28, with average diesel prices now at $4.10 per gallon and gas at $3.61. While fuels are a small component across the construction expense spectrum, other costs are rising too as are, not surprisingly, the costs of completed jobs to customers
He need not apply the full arsenal of tax rules and loopholes to his siblings’ tax returns because none of them operates complex business enterprises...Tax deferral is another method for improving your tax position
As a contractor, there are various items to consider that can help defer income and minimize taxes in the current year...In one recent case, Marcum worked with a larger contractor filing their taxes on a percent complete basis
In addition to an extension and opportunities for second draw loans, industry-specific and noteworthy changes to PPP included: Construction companies can also celebrate a provision under the renewed program ensuring tax deductibility for expenses paid for with forgiven PPP loans. An expansion of the Employee Retention Tax Credit through the first half of 2021, giving qualified employers a per-worker credit for employees not paid in PPP funds, is also a benefit for companies in the construction industry
Also, losses arising in taxable years beginning after December 31, 2020, are limited to 80% of the taxable income...PASS-THROUGH ENTITY TAX ELECTION The TCJA limited individual taxpayers’ state and local tax deduction to $10,000
By Lana Dauterman and Jason Eldridge of BKD LLP Published January 3, 2022 The research and development (R&D) federal tax credit provides an incentive for companies to increase their innovation and improvement activities
Brief Background on ESOPs An ESOP is a type of tax-qualified retirement plan that primarily invests in employer stock
By Carl Oliveri of Grassi Advisors & Accountants Bond producers and their construction clients should be aware of important questions about tax planning strategies and incentives available to contractors this year. What are some of the most overlooked tax incentives in the construction industry?
Using static scoring, tax cuts are broadly assumed to cost a raw amount of reduced revenue...Bond Threshold Increases CT HB 5622 (Perillo) increases the bond threshold to an unspecified amount
Clearly that becomes very important when firms wish to secure funding for new projects, as well as at tax time. AI could also be a powerful resource in terms of site management, in particular remote site management