Insights: Construction

2022 Q1 tax calendar: Key deadlines for businesses and other employers

January 5, 2022

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January…

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Will the standard business mileage rate go up in 2022? Yes!

January 3, 2022

After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022 by 2.5 cents per mile. The IRS recently announced that the cents-per-mile rate for the business use of a car, van, pickup or panel truck will…

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construction fraud

Construction Fraud in a Post-Pandemic World

December 8, 2021

Kristin Moody, CPA, CFE As restrictions put in place to limit the spread of COVID-19 have been lifted, many business owners and members of organizational management have been faced with decisions related to nearly every aspect of their organizations’ functions in a post-pandemic world. Over the past year and a half, shifts related to the…

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Contractor Prequalification Application

West Virginia Division of Highways Revises Contractor Prequalification Application

November 29, 2021

The WVDOH is revising its Contractor Prequalification Application as of January 1, 2022. If you were prequalified in 2021, you should have received a letter identifying the items/categories of work you were qualified to perform from the WVDOH. Your 2021 pre-qual will be effective for 2 years and then you will need to complete the…

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Capital Gains

Capital Gains in the Construction Industry

November 9, 2021

By Bart Scott, CPA, CVA, MBA Tax Director and Construction Practice Member There has been so much discussion in the media about capital gains lately, we thought it would be good to revisit some of the basic concepts.  Congress is currently in the process of drafting proposals for changes to the tax code.  The most…

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What Sureties and Bonding Agents Look For In a Contractor’s Financial Statements

February 1, 2021

Danny Shobe, CPA, CCIFP Member, Charleston Office  As you look to enter a New Year after celebrating another Christmas and New Year’s holiday season, most of you are shifting your focus to closing out the books for your business including the preparation of the year-end financial statements and tax returns.  Obviously this can be a…

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crisis recruiting and hiring

Recruiting in Today’s Environment

August 10, 2020

Important Elements to Keep in Mind During Crisis Recruiting and Hiring  By Chris Lambert, CPA, CGMA, CCIFP Originally published in the May/June edition of “West Virginia Construction News”  by CAWV Business owners know that from time to time, a crisis will present itself in some form. You can’t really be operational and not have various…

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Business Value

Why You Need to Know the Value of Your Business

January 21, 2020

According to The Exit Planning Institute (EPI), a national educator for those who specialize in helping business owners sell or transition their businesses, an estimated 4.5 million businesses representing more than $10 trillion in value will transition over the next decade or so.  Of those 4.5 million businesses, only 20% to 30% of them that…

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The tax implications if your business engages in environmental cleanup

November 25, 2019

If your company faces the need to “re-mediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur. These expenses may include the actual cleanup…

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FASB Delays Effective Date for Accounting Standards

November 15, 2019

In July 2019, the Financial Accounting Standards Board (FASB) unanimously approved to propose delaying the effective date for a number of significant accounting standards for private companies and nonprofit organizations. Included in these proposed changes is Accounting Standards Update (ASU) No. 2016-02, Leases, 2016-13 Credit Losses and 2017-12 Hedging. FASB began considering the delays in response to…

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