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The Candidate Experience: Interviewing in 2021
Authored By: Joey Desiderio, CLA Search Consultant – Construction & Real Estate Interviewing. Ugh! Neither side feels particularly comfortable doing it but if you want to hire someone, it’s the only way. Luckily, I’m here to tell you that not only can interviewing be an easy, relaxed conversation, but in today’s market, a more conversational […]
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What is a Cost Segregation Study and How Can You Benefit From It?
Authored by Mona Stocki, Cost Segregation Director, CLA If you purchased, constructed or improved any kind of real estate in the last 10-15 years, you might be able to benefit from a cost segregation study. Cost segregation allows taxpayers to reduce their taxes and increase cash flow by accelerating the depreciation on certain building components. With rising material costs, labor […]
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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in Q4 of 2021 right up to November 15 when President Biden signed the Infrastructure Act, and the ERC was retroactively repealed to October 1st.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 […]
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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 […]
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CLA Construction Overview
CLA’s Construction Team is Here to Help! In today’s changing environment, contractors face extremely complex challenges. From understanding the impacts of new legislation, to advice on ownership transition, technology changes, and other operational and financial matters, we are here to know any help you. Our construction team is committed to addressing what matters most to you: With decades […]
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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 […]
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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 […]
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International Fraud Awareness Week
This week is International Fraud Awareness Week, November 14-20. In observance of this event, we hope that you take some time to reflect on ways to be proactive in fraud prevention. Thank you to the CLA Valuation, Forensics, Litigation, and Investigations team out of Boston, MA for providing this fraud case study. We look forward to hearing from you in the comments about your experience with fraud and lessons you’ve learned about fraud […]
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Welcome to the CLA Construction Industry Blog!
As a leading industry at CLA, our construction practitioners have deep subindustry specialization and unique personalities to match. We invite you to join our conversation and keep up with industry trends, tax and assurance updates, current events, and more. If you are part of the Construction Industry ecosystem, please subscribe and ride with us as […]
