Insights: Construction

The Inflation Reduction Act: Construction Firms

September 2, 2022

By: Chris Lambert, CPA, CGMA, CCIFP The Inflation Reduction Act of 2022, signed into law on August 16, is designed to address energy, tax, and health policy. The act dramatically increases the Internal Revenue Code (IRC) Section 179D energy-efficient commercial building deduction, making it especially impactful for architecture, engineering, and construction industries and commercial building…

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Tax Implications of the Inflation Reduction Act (IRA)

August 24, 2022

The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden sign into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the budget reconciliation process and is expected to pay for itself and decrease the budget deficit.…

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Construction Leases: New Reporting Requirements are Here

July 6, 2022

By Kristin Moody, CPA, CFE In February 2016, the Financial Accounting Standards Board issued an accounting standards update codified under section 842, Leases. And now, after several delays and amendments, the new reporting requirements for leases under GAAP are finally here. The standard and applicable amendments are applicable for fiscal years beginning after December 15,…

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Checking in on Your Accounts Payable Processes

June 15, 2022

Accounts payable is a critical area of concern for every business. However, as a back-office function, it doesn’t always get the attention it deserves. Once in place, accounts payable processes tend to get taken for granted. Following are some tips and best practices for improving your company’s approach. Be strategic Too often, businesses take a…

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Standard Mileage Rates Increase

June 13, 2022

As gas prices continue to soar, the Internal Revenue Service (IRS) announced on June 9 an increase in the optional standard mileage rate for the final six months of 2022. Starting July 1 through December 31, 2022, the standard mileage rate for the business use of employees’ vehicles will increase four cents from 58.5 cents…

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Tighten Up Billing and Collections to Mitigate Economic Uncertainties

May 11, 2022

While many economic indicators remain strong, the U.S. economy is still giving business owners plenty to think about. The nation’s gross domestic product unexpectedly contracted in the first quarter of 2022. Rising inflation is on everyone’s mind. And global supply chain issues persist, spurred on by events such as the COVID-19 lockdowns in China and…

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Want to turn a hobby into a business? Watch out for the tax rules

May 3, 2022

Like many people, you may have dreamed of turning a hobby into a regular business. You won’t have any tax headaches if your new business is profitable. But what if the new enterprise consistently generates losses (your deductions exceed income) and you claim them on your tax return? You can generally deduct losses for expenses…

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The Tax Mechanics Involved in the Sale of Trade or Business Property

April 26, 2022

There are many rules that can potentially apply to the sale of business property. Thus, to simplify the discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year. (There are different rules for property held…

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Thinking about converting your home into a rental property?

April 20, 2022

In some cases, homeowners decide to move to new residences, but keep their present homes and rent them out. If you’re thinking of doing this, you’re probably aware of the financial risks and rewards. However, you also should know that renting out your home carries potential tax benefits and pitfalls. You’re generally treated as a…

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Once You File Your Tax Return, Consider These Three Issues

April 14, 2022

The tax filing deadline for 2021 tax returns is April 18 this year. After your 2021 tax return has been successfully filed with the IRS, there may still be some issues to bear in mind. Here are three considerations: 1. You can throw some tax records away now You should hang onto tax records related…

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