Tag Archive: "#Construction"
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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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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 […]
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New Connecticut Highway Use Fee
Starting on January 1, 2023, Connecticut will be imposing a new use fee on certain carriers for the “privilege of operating” certain heavy, multi-unit motor vehicles on any highway in Connecticut. Companies such as transportation or construction companies will be impacted by this as it applies to class 8 through 13 vehicles. Here’s a chat […]
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Occupational Fraud in Construction
By: Luke Stahelski, MSA, CFE, PI, Manager, SAS Valuation, Forensics, Litigation, Investigations (“VFLI”), Construction Industry While it is important to safeguard your business from malware attacks and phishing attempts from external parties, it is also important not to overlook the potential for occupational fraud. Occupational fraud is fraud that is committed by individuals against organizations that […]
