Updated September 2021: Over the past fourteen months, the employee retention tax credit has undergone a number of changes since it was initially introduced. The most current information is in the Current Employee Retention Tax Credit Standards: American Rescue Plan Act – March 2021 section, but we recommend reading everything below to understand the full picture of the employee retention tax credit.

Alternative minimum tax (AMT) is essentially a base-level percentage an individual taxpayer or S-corporation must pay the IRS, regardless of the credits and deductions they are entitled to. Contractors need to be especially mindful of AMT, as it can have a major effect on tax liability.

Long-Term Contracts and AMT

When reporting regular tax calculations, contractors that have average gross receipts under $25 million are able to account for their long-term contracts us Read More >>

The monthly work-in-progress (WIP) schedule your team puts together can be so much more than your financial statements. It can help you manage and plan throughout the entire year to better manage your jobs, maximize your profits, and assist with tax planning.

Make Sure Your WIP is Accurate

To start, make sure your WIP schedules are accurate. Your WIP is how you’re able to balance the billing of a project and its level of completion. Staying up-to-date with your billing on a pro Read More >>

Dennis Dlugosz, CPA is a Director and the leader of the Construction Services group.

Technological advancements have affected several industries, forcing businesses to adapt to these innovations or fall behind. Similar to other service related fields, construction has also been affected by these changes, which has promoted technological developments heavily within the past decade. Some of these advances include sustainable construction materials and diversify Read More >>

Elizabeth Friswold, CPA CFE is a manager at Corrigan Krause.

Construction accounting has its own unique set of accounting complexities not faced by other industries.  Whether you are the bookkeeper or owner of a construction company, you are affected by the accounting practices your company elects.  This article provides different best practices that your accounting team should consider when determining the best accounting approach for your company:

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Ryan A. Sklenicka, CPA explains how the recent tax reform impacts the construction industry.

The “Tax Cut and Jobs Act” that was signed into law December 22, 2017 will affect many industries beginning January 1, 2018. This has been the biggest reform to the tax code in over 30 years and this article will focus on how those recent tax reform changes will affect the construction industry.

The first major change of the tax reform that has everyone talking is the tax rate change.  Co Read More >>

Dennis Dlugosz – Director, Corrigan Krause

This article was first published in the November 2017 issue of Properties Magazine

With construction accounting, there are a number of allowable choices to consider when determining the correct and most beneficial tax method to use.

Under Internal Revenue Code § 460 (460), the percentage-of-completion method (PCM) of accounting is required for large contractors with contracts meeting the definition of “long-term Read More >>

Elizabeth Friswold, CPA explains the benefits of teaming agreements and things you should consider.

Are you familiar with teaming agreements? Did you know that teaming agreements could benefit your company? Learn the basics and benefits of these types of agreements.

The Basics

Where did teaming agreements come from?

Born from the Small Business Jobs Act of 2010 (SBA), the Small Business Teaming Pilot program was initiated to increase access to procurement and contract Read More >>