IRS Suspends Processing of ERTC Claims
In the face of a flood of illegitimate claims for the Employee Retention Tax Credit (ERTC), the IRS has imposed an immediate moratorium through at least the end of 2023…
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Federal Tax Obligations When a Business Shuts Down
Is it time to close your small business? Unfortunately, closing isn’t as simple as handing over the keys to a landlord or even selling a building you own. You still have…
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Federal Tax News for Individuals
1. Tax Scams are Year-Round Tax season is long over, but tax scams are thriving. The IRS is warning taxpayers about emails and text messages that promise refunds and credits,…
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What Construction Businesses with Inventory Should Know About Section 263A
Section 263A is an often misunderstood and misapplied part of the Internal Revenue Code. And it’s one that many construction businesses — particularly homebuilders — should get a handle on…
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Should Your Construction Business Invest in Custom Software?
Construction business owners are regularly urged to buy the latest and greatest software. But no such tool is perfect. Off-the-shelf products don’t always provide the specific functionality needed or “play…
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3 Big Inventory Issues to Be Aware Of
In the construction industry, supply-chain challenges are nothing new. They’ve just gotten much more media attention over the last few years. Increased globalization, a pandemic and geopolitical strife have all…
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Strategic Tax-Planning Q&As for Your Business
To maximize their tax savings, business owners need to plan year-round. Strategic tax planning is about not only knowing which credits and deductions your company can claim, but also minding…
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How Business Owners Can Prepare for an IRS Audit
The IRS has historically considered construction and real estate high-risk compliance industries because of its potential for cash transactions, underreported income, and worker misclassification. What’s more, as the tax agency…
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Your Construction Company May Be Able to Claim the Fuel Tax Credit
The federal fuel tax credit recently made the news when it was referenced on the IRS’s most recent “Dirty Dozen” list of tax scams. However, the false fuel-tax-credit scam involves…
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An Insurance Policy Glossary for Construction Business Owners
Every type of business needs at least a few insurance policies. Construction companies, however, tend to need many of them. After all, there are so many risks to guard against.…
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