Construction business owners: Prepare now for possible tax law changes

The Tax Cuts and Jobs Act (TCJA) was signed into law in 2017 and generally took effect at the start of 2018. It brought sweeping changes to various aspects of tax law for both individuals and businesses.

But many of its provisions aren’t permanent. In fact, some of the most important ones are scheduled to expire after 2025. Although the outcome of the November election is expected to affect the fate of many expiring provisions, now’s still a good time for construction business owners to read up on the impending tax law changes and plan for their potential impact.

Nikki DaleyJune 13, 2024TCJA, Construction, Contractors, Business Planning

What contractors need to know about bonding capacity

Construction companies are required to obtain surety bonds on many types of projects — particularly those that are publicly funded. The bonds essentially guarantee that the work will be completed one way or another. Contractors are urged to manage their operations and financials carefully to preserve or, better yet, increase bonding capacity. But what is this, really?

Nikki DaleyNovember 27, 2023Construction, Contractors, Business Planning

Reviewing revenue recognition for construction companies

While many businesses handle sales in a single transaction, construction contracts often cover months or even years and include multiple payments. As you’re well aware, the longer-term nature of construction projects can prevent contractors from billing and collecting on a timely basis, which can lead to accounting, tax and cash flow complications.

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