Across all industries, financial statements provide valuable information about a company. Internally, the statements are a good way to keep track of where issues might arise throughout the year, ideally, catching a problem before it becomes expensive to solve. Externally, accurate financial statement presentation is the proof banks, bonding companies, and any other third party will want to see to determine if they will grant your company the line of credit, loan, or bonding coverage that you’re applying for.
Updated December 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 >>