Category: Business Tax

The Tax Cuts and Jobs Act (TCJA) changed some important aspects of the tax law for construction contractors regarding the accounting for long-term contracts.  Any contract that is started in one year and ends in another is considered a long-term contract. Long-term contract...

With all the new tax law issues to address, one of the provisions from way back in 2015 is going to affect the tax filings and responsibilities associated with partnerships starting in year 2018. The Bipartisan Budget Act of 2015 (BBA) established a new audit regime for par...

Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t mean you can’t manage the cost of doing so.  Obviously, the safer your workplace, the less likely you’ll incur cos...

You’ve no doubt heard the old business cliché “cash is king.” And it’s true: A company in a strong cash position stands a much better chance of obtaining the financing it needs, attracting outside investors or simply executing its own strategic plans.  One way to e...

A new general business credit was introduced with the Tax Cuts and Jobs Act for employers who provide paid family and medical leave to their employees for 2018 and 2019. To take advantage of this credit, employers must have a separate provision in the employer's policies; mo...

As we get closer to year-end, we thought it would be helpful to review some of the key tax law changes that come into play for businesses in 2018. Section 179 Deduction - Increased the maximum annual Section 179 deduction to $1 million and increase the deduction phase-out t...

The new tax rules allow more businesses to use the cash-method accounting for tax purposes. Assuming your business is eligible, cash-method accounting creates the ability to micromanage 2018 and 2019 taxable income to minimize taxes over the two-year period. Here are some sp...

Is your construction company ready for the new Revenue Recognition changes coming? Hopefully you have heard something in the last few years regarding the changes coming for revenue recognition.  If not, we’ve got you covered. Construction Contractors may be the industry ...

To capitalize or to expense? Property owners tend to struggle with wanting to expense as much repairs and maintenance (R&M) as possible during the year to maximize tax deductions, and to possibly increase any losses during the year. We assist many clients with determining wh...

If you’ve done any research into employee benefits for your business recently, you may have come across a bit of alphabet soup in the form of “HSA + HDHP.” Although perhaps initially confusing, this formula represents an increasingly popular model for health care bene...