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Streamlining Construction Accounting: The Power of Technology
Authored by Ben Lochbihler : Professionals : CLA (CliftonLarsonAllen) (claconnect.com) In the fast-paced world of the construction industry, managing finances and accounting processes can be a complex and time-consuming task. However, utilizing automation technology, construction companies now have the opportunity to streamline their accounting processes, improve accuracy, and enhance overall efficiency. The use of technology […]
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Tentative Deal on the Table to Rescue Lost Business Deductions
An initial framework for proposed tax legislation appears to have bipartisan support. The House Ways and Means Committee Chairman, Jason Smith, and Senate Finance Committee Chairman, Ron Wyden, have laid out a framework for more than just the typical tax extenders. The proposed legislation includes some significant changes, including modifications to the employee retention tax […]
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ERC, to Self-Report, or not to Self-Report, that is the Question
The government developed the Employee Retention Credit (ERC) program to help businesses impacted by the COVID-19 pandemic. The Internal Revenue Service (IRS), who oversees the ERC program, set rules to make sure that only eligible businesses could receive this credit. The ERC program has been complex and has undergone changes and updates, which has made […]
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Tax Planning for Contractors
Authored by Dana Houston : Professionals : CLA (CliftonLarsonAllen) (claconnect.com) As the year comes to a close, exploring tax strategies with your CPA is a way to uncover potential tax savings opportunities. Whether you’re an individual looking to minimize your tax liability, or a business owner seeking to maximize your after-tax income, this article will provide […]
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Current Expected Credit Losses (CECL)
You may not be aware, but the accounting standard ASC 326 – Current Expected Credit Losses (CECL) is now applicable for all entities. Top ten things you need to know: What is CECL? CECL requires entities to estimate and account for expected credit losses for financial assets over the entirety of the asset’s life versus […]
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ERC Moratorium on Processing New Refund Claims
On September 14th, the IRS announced a moratorium on processing new refund claims through the end of the year. The intention is for the IRS to get a better handle on fraudulent claims and to slow the process to identify claims that may be less than reputable. See key insights to this recent notice and […]
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Not so timely IRS guidance on Section 174 and most notably treatment of research expenditures under Section 460
On Friday, September 8th, one week before many taxpayers extended filings deadline, the IRS issued Notice 2023-63. This notice provides guidance around Sec. 174, and more notably, on the treatment of research expenditures allocable to long-term contracts under Sec. 460. It is expected that the IRS will issue proposed regulations, consistent with the notice, that […]
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Preserving Your Legacy
Planning and positioning your business for transition and succession is the opportunity to preserve your legacy. Don’t let an involuntary event dictate your plan. Join CLAs Heather Parbst, Adrian Nohr and Darrel Mullenbach on September 21, 2023 from 1-2 p.m. CT, as they explore: Register for this complimentary event at the link below for insights on […]
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Time to Update Your Development Cost Methods
For owners and contractors engaged in development projects, a key tax planning point is to match costs, and future cost in particular, with early development revenues. The IRS has just revised and restated its “Alternative Cost Method” (ACM) for taxable years beginning after December 31, 2022. This is a method of accounting supplementing cost basis […]
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Contractors Can’t Ignore The Section 174 Capitalization Rules, Effective For 2022 Returns
The Tax Cuts and Jobs Act of 2017 (TCJA) made significant changes to Section 174 research expenditures that went into effect for taxable years beginning after December 31, 2021. Contractors, large and small, that engage in research-based activities have relied on full expensing since Section 174’s enactment in 1954. CLAs Michael De Prima goes into […]
