Construction
Reduce Your Corporate or Partnership Income Tax for 2015
For every business, there is a lot at stake when it comes to tax. AAFCPAs wants you to take full advantage of all available tax benefits to assure you are optimizing your tax liability. Below are a few examples of vehicles to consider that may work favorably for you, but your planning should begin now. […]
Tax Return Due Dates & Filing Extensions Changed
Congress & the IRS recently announced changes to due dates for partnership and corporate tax returns, as well as FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), and several other IRS information returns. This announcement has received a lot of publicity, but AAFCPAs reminds you that the changes will not affect you […]
Managing the IRS Repair Regulations and the Ongoing Challenges Presented After Initial Implementation
The IRS final “repair regulations,” effective January 1, 2014, completely revamped the way taxpayers evaluate expenditures in order to determine whether certain costs represent immediately deductible repair expenses, or capital improvements that must be depreciated over time. In addition, regulations issued in Section 1.162-3 provide new guidance on when a taxpayer may deduct costs incurred […]
The Construction Work-In-Process (WIP) Is A Strategic Tool, Not Simply A Compliance Schedule
WIP monitors key performance indicators & reveals trends affecting profitability. For contractors, the Work-In-Process (WIP) schedule is part of a fundamental dashboard used to determine revenues and gross profit that should be included in your regular, monthly reporting package. The WIP schedule provides a snapshot at a point in time of where your profitability stands on […]
Ready-Access to True Costs Will Guide Profitability
In construction, there is the phrase: “costs drive revenue,” meaning that the driver behind how you recognize revenue is your costs. Owners, estimators, project managers and accounting staff all need to fully comprehend a company’s true cost structure to clearly understand their financial position. This information needs to be presented to the appropriate people (management) […]