Reading Time: < 1 minute As a follow-up to our previous article, 2021 Tax Planning Opportunities for the Construction Industry, additional coronavirus relief-related legislation has been passed in addition to the CARES Act. Because many businesses face unparalleled...
Reading Time: 2 minutes The Tax Cut and Jobs Act (TCJA) signed into law in late 2017 made some of the most significant tax regulation changes in decades and created many new planning opportunities for contractors. Changing entity types, accounting methods, new...
Reading Time: 4 minutes As 2020 was finally coming to an end, Congress and the White House worked together to pass only the second major economic relief bill since the start of the pandemic. The Consolidated Appropriations Act, 2021, contained a number of important...
Reading Time: 3 minutes The Consolidated Appropriations Act has major initiatives in it that affect small businesses all over the country. The act created another Paycheck Protection Program for small business interruption loans, and it contained legislation that made...
Reading Time: 2 minutes Employee Retention Credit The CARES Act created two mutually exclusive benefits to employers, the PPP loan and the Employee Retention Credit (ERC). Prior to the Consolidated Appropriations Act, if your business received a PPP Loan, then it...
Reading Time: 2 minutes As of March 27, 2020, the Coronavirus, Aid, Relief and Economic Security Act (CARES Act) was passed due to the needs caused by the global COVID-19 pandemic. The act includes several tax provisions to provide relief and cash flow to businesses...
Reading Time: 2 minutes Construction mobility costs and their tax implications Construction projects by their very nature are done on-site. Tax deductions related to mobility can be unique and overly complicated from a tax perspective. The treatment of these mobility...
Reading Time: 7 minutes Section 199A provides a 20% deduction on the amount of Qualified Business Income (referred to as QBI and defined later) from a domestic business operated as a partnership, S-Corporation, sole proprietorship, trust or estate. This deduction is...
Reading Time: 3 minutes One of the most comprehensive changes included in the TCJA is the changes in tax accounting methods available for contractors. Methods previously only available to smaller contractors are now available for contractors with average annual gross...
Reading Time: 3 minutes The Tax Cuts and Jobs Act (TCJA) increased the number of taxpayers eligible to use the cash method of accounting. The TCJA also expanded the threshold for small businesses to use the cash method of accounting, which now includes those with...
