Effectively managing the accounting and finacial function of your construction company is critical to gain a successful, profitable business. Our articles from industry experts provide information on a range of subjects in construction accounting including: applying the percentage-of-completion method or completed contract method, job costing, improving cash flow and managing debt, reducing overhead, understanding financials, implementing tax strategies, performing audits, building equity and wealth, implementing a construction accounting program, using construction accounting software, and hiring a payroll provider.
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In March 2010, President Obama signed the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (the Acts) into law. These laws will be slowly phased in from 2010 through 2018. It's important to learn how the Acts will impact you, the construction business owners.
Tags: 2010 September Issue , construction accounting , finance , taxes |
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Written by Jayme Dill Broudy
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Dear Jayme,
What should I expect from my accountants? --Patrick
Tags: 2010 July Issue , accounting , accounting and finance |
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Written by Leslie V. Guajardo, CPA, CCIFP
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One of many lessons learned by governments the past three years is that unpaid taxes make economic downturns considerably worse. With that lesson fresh in mind, the IRS earlier this year launched a major audit initiative intended to capture delinquent taxes.The audit, called the National Research Project (NRP), is particularly significant for contractors because it closely examines worker classification. Because practically all construction companies employ a combination of full-time workers and independent contractors, the audit may strike close to home to some in the construction trades.
Tags: accounting |
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Written by Adam Polakov
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Many contractors on long-term contracts use a tax accounting method requiring them to calculate estimates of total costs and revenue to arrive at a yearly estimated gross profit (or loss). A long-term contract is one that begins in one taxable year and ends in another. The duration may only be one month, but a construction contract could be considered long-term for tax purposes if it begins in one tax year and ends in another. Upon completion of the contract, gross profit for each year is recomputed using actual total contract price and costs. Contractors, therefore, have to look-back, and determine if there was an under or overpayment of taxes in prior years by comparing the reported estimated gross profit to actual gross profit. This process is applied separately to each contract completed during the year. This tax accounting method is referred to as percentage of completion.
Tags: 2010 July Issue , accounting , accounting and finance , construction accounting |
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