Construction Tax
-
Employee Retention Credits – It’s Not Too Late!
Just a reminder that it is not too late to qualify for and submit amended 941 quarterly filings for the Employee Retention Credits (ERC). Previously, the receipt of PPP loan funds resulted in disallowance of qualifying for ERC; however, the Consolidated Appropriations Act of 2021 allows those entities that received PPP funds to also be […]
-
CLA Webinar – Managing Sales Tax Compliance
Please join us for the Managing Sales Tax Compliance webinar on Wednesday, May 25th. CLAs Rance Morton : Professionals : CLA (CliftonLarsonAllen) (claconnect.com) and Zach Tyson : Professionals : CLA (CliftonLarsonAllen) (claconnect.com) will discuss managing today’s filing requirements for sales and use tax (SUT), which comes with it’s own set of challenges. Including personnel shortages […]
-
Take Advantage of the 45L Credit for Residential Buildings Through 2021…and Let’s Hope it Gets Extended for 2022 and Beyond
Authored by Patrick G. Risse (Energy Tax Credits : All Construction : Industries : CLA (CliftonLarsonAllen) (claconnect.com) The Energy-Efficient Home Credit, also known as the 45L credit, is currently available through December 31, 2021. We are all waiting and watching to see what happens with the credit’s future for 2022 and beyond. In the meantime, […]
-
Changes to the Business Interest Limitation Could Affect Contractors in 2022
authored by John Werlhof : Professionals : CLA (CliftonLarsonAllen) (claconnect.com) Following the tax reform bill passed in 2017, the deduction for business interest is generally limited to 30% of adjusted taxable income (see CLA article March 2018 Dissecting the Business Interest Expense Limitation : 2018 : Articles : Resources : CLA (CliftonLarsonAllen) (claconnect.com). Depreciation has […]
-
“Traditional” or “Reverse” Year End Tax Planning?
The Biden Administration remains committed to its “Build Back Better” (BBB) economic stimulus and social spending plan despite failing, so far, to muster support in the Senate to advance the package. It is now clear that 2021 will conclude quietly, with tax reforms (if they happen) waiting for 2022. Concerns about rate increases earlier in […]
-
The ERC Catch-up Rules are Out!
authored by Perry McGowan Many contractors enjoyed payroll tax credits from the Employee Retention Credit (ERC) program in 2020 and/or 2021. Many expected to qualify in Q4 of 2021 right up to November 15 when President Biden signed the Infrastructure Act, and the ERC was retroactively repealed to October 1st. Contractors that had been reducing […]
-
State Pass Through Entity Election – Is it right for your business?
In the four years since the TCJA put into law the $10,000 maximum State And Local Tax (SALT) deduction, many states have responded by creating pass-through entity (PTE) elections. These allow entities taxed as partnerships and S corporations the option of calculating and paying tax at the entity level (rather than having the tax borne […]
-
A Savory Win For Contractors – Meals Per Diems Now 100% Deductible
Since January 1, 2021, the tax law allows a temporary exception to the commonly known 50% deduction for business meals, so long as the meal is provided by a restaurant. Foods purchased from a grocery or convenience store remain 50% deductible, but meals from restaurants are temporarily 100% deductible. Recordkeeping for meals gets cumbersome, so contractors often pay per diem allowances to traveling employees, following IRS established rates. Per diem payments conveniently avoid accumulating receipts, while still satisfying the IRS’s preference […]
-
BUILD BACK BETTER ACT – The Latest
A modified version of the Build Back Better Act includes numerous changes to the tax-related provisions of the bill. Much anticipated individual, corporate, and capital gains rate increases have surprisingly been largely removed from the draft legislation. Here is a recap of some of what’s in and what’s out among the most recent changes: Individual […]