Construction Industry Advisor
Showing 161–176 of 262 results
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Contractor’s Toolbox – Tablets on the jobsite? Do your homework first
Fall 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 410
Abstract: Contractors, superintendents, project managers and other employees often use tablet computers at jobsites or on the road. Tablets can be used to track time and materials; connect to the company’s estimating, bidding and project management systems; and view and share AutoCAD drawings, among other tasks. They can also be used to hold videoconferences and share real-time jobsite information with others. But, before buying tablets for employees — or allowing them to use their own — it’s important to make sure the devices meet the company’s needs. This article poses three questions to ask before setting a policy.
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Goodwill matters when valuing a construction business
Fall 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 462
Abstract: For many construction companies, a significant portion of their value consists of goodwill, both business and personal. And the type of goodwill can have a big impact on the value derived from a sale of the business. This article explains the distinction between business and personal goodwill and how it can be critical in the context of a business sale.
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Is employee fraud hurting your bottom line?
Fall 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 689
Abstract: For the construction industry, losses pertaining to jobsites, plant sites and job management are more common than accounting and financial fraud. But, as this article explains, there are ways to beef up controls to fight back against fraudsters. Besides discussing fraud penalties in an employee manual, tools include confidential hotlines, background checks, separation of responsibilities, random audits — and setting a good example.
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Year end tax strategies for contractors
Fall 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 947
Abstract: Tax planning is particularly important this year because 1) individual income tax rates are higher, 2) several tax breaks are scheduled to expire at the end of this year, and 3) new taxes, especially the 3.8% Medicare surtax on net investment income, require special attention. This article discusses all of these items, while a sidebar explores whether it’s advisable for some construction companies to convert to a C corporation to reduce their tax bills.
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Contractor’s Toolbox – 4 common bidding errors to avoid
Summer 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 410
Abstract: Accurate bidding is critical to any construction company that wishes to be profitable over the long haul. This article discusses four common bidding errors: miscalculating direct costs, relying on inexperienced subcontractors or suppliers, underestimating indirect costs, and not including profit as a line item.
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Is your bonus plan eligible for accelerated deductions?
Summer 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 775
Abstract: Many construction businesses award performance or safety bonuses to employees at year end — yet may not be aware that it’s possible to deduct bonuses on their 2013 tax return even if they don’t make the payments until 2014. Accrual-basis taxpayers can take accelerated deductions even if they don’t calculate the amount of the bonus pool or specify who will receive bonuses until after the end of the year. But it’s important to follow IRS rules, which this article examines. A sidebar notes special rules for owner bonuses.
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Understanding the ins and outs of subcontractor surety bonds
Summer 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 647
Abstract: It’s dangerous for any subcontractor to assume that he or she is protected by performance or payment bonds. Such bonds are generally required on public projects, under the federal Miller Act or one of the many state-level “Little Miller” acts. But subcontractors still must perform the due diligence needed to confirm that required bonds exist, that they’re valid and sufficient, and that the surety in question is financially stable. This article explains how bonds are different from mechanics’ liens and what to do to ensure adequate payment or performance bonds are in place.
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Expand your comfort zone – Use a joint venture to mitigate the risks
Summer 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 673
Abstract: One effective strategy for contractors to gain a competitive edge is to branch out into new types of work, new geographical areas and larger, more complex projects. However, there are some dangers. One way to mitigate the risks is to enter into a joint venture with another construction business. This article looks at some of the benefits of joint ventures and the different ways to structure them, along with specific steps that a contractor should take in setting one up.
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Contractor’s Toolbox – Solid internal controls can help fight fraud
Spring 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 411
Abstract: Employee fraud, theft and embezzlement are costly problems for all businesses. According to the Association of Certified Fraud Examiners’ 2012 Report to the Nations on Occupational Fraud and Abuse, the typical organization loses 5% of its revenue to fraud each year. And construction companies are among the hardest hit, with a median loss of $300,000. This article lists ways that contractors can tighten their internal controls.
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Overlooking the R&D credit is like leaving money on the table
Spring 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 738
Abstract: The American Taxpayer Relief Act of 2012 (ATRA) extended the research tax credit — commonly known as the research and development or “R&D” credit — through Dec. 31, 2013. Contractors who have invested time and money in developing new construction techniques, improving business processes or innovating in other ways may find that such expenditures are eligible for the credit. This article describes what the credit provides and the requirements for qualifying. A sidebar mentions other tax breaks extended by ATRA.
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Is that independent contractor really an employee? How to steer clear of worker classification woes
Spring 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 724
Abstract: Contractors beware: The IRS continues to be hot on the trail of any employer that, in its eyes, erroneously treats a bona fide employee as an independent contractor. This article explains the three categories of evidence the IRS uses to determine worker status, along with best practices that contractors can employ to avoid misclassifying workers. Those who have already misclassified workers may be able to reduce back pay and penalties through the Voluntary Classification Settlement Program (VCSP).
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Don’t fear the future – Cloud computing offers significant benefits
Spring 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 676
Abstract: Few industries are as mobile as construction. With operations scattered among multiple job sites and satellite offices, contractors stand to gain significant benefits from what many have heralded as the future of data storage and access: cloud-based technology. This article discusses its benefits from the standpoint of cost and efficiency, while allaying security concerns that some contractors may still have.
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Contractor’s Toolbox – How CRM can help you become more profitable
Winter 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 409
Abstract: In today’s highly competitive construction industry, customer relationship management (CRM) systems can provide contractors with a competitive edge. A CRM system is much more than a sophisticated electronic address book. This article shows how it can help contractors improve customer service, direct limited resources where they’ll be most effective and win new business.
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Profit fade got you down?
Winter 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 628
Abstract: Profit fade is a financial malady that often occurs as a contract nears completion. Any contractor who has experienced profit fade on a past project knows how frustrating it can be to see their expected profits going down the drain. This article explains how to nip the problem in the bud, including looking at historical data and getting a handle on contract language.
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Boost your bonding capacity with shareholder loans
Winter 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 535
Abstract: One strategy that a construction business can use to enhance its financial position and boost its bonding capacity is to have the owners make loans to the company. So long as these “shareholder loans” (which can also be made by entities other than corporations — such as LLCs and partnerships) are subordinated to bond claims, most sureties will treat the proceeds as a capital equivalent in evaluating a company’s bonding capacity. This article discusses the advantages of these loans and the criteria they must meet.
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Health care act: The time to start planning is now
Winter 2013
Newsletter: Construction Industry Advisor
Price: $225.00, Subscriber Price: $157.50
Word count: 1010
Abstract: Some of the Patient Protection and Affordable Care Act’s key requirements for businesses take effect in 2014, so it’s a good idea to start planning now. This article explains what is required of employers, depending on whether they qualify as large or small firms, what their mix of full-time, part-time and seasonal employees might be, and the wages they earn. It also discusses tax credits and penalties, while a sidebar shows how to calculate a “full-time equivalent employee” for purposes of the act.