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Accounting - Beware the payroll tax quicksand pit!

AUSTIN - If an employer gets in deep with past due payroll taxes, especially if in excess of $24,999, it can be difficult to claw out of the quagmire. Getting back into compliance can be time consuming, labor intensive and expensive. The employer often needs assistance from a tax professional and penalties and interest can be very high....

Created by : contributorcn
02/26/2018 12:00:00 | Viewed: 0

Accounting - Tax reform

AUSTIN - The passing of The Tax Cuts and Jobs Act is a historic accomplishment by lawmakers. The act, seemingly, will try to spur our nation’s economic growth and job creation by reducing the tax burden on all job-creating businesses. So what exactly does this mean for contractors? How will the new laws affect the way contractors run their businesses? How much TAX SAVINGS should contractors expect?...

Created by : lvelasquezcn
01/29/2018 12:00:00 | Viewed: 0

Accounting - Estate and transition planning, the S Corporation

AUSTIN - S Corporation ownership transition planning must be carefully followed in order to balance the needs of the owners and preserving the S Corporation’s status. A few examples here will show methods using trusts that elect to hold S Corporation stock, using voting and nonvoting stock and a cancelling note....

Created by : cwiatrekcn
12/28/2017 12:00:00 | Viewed: 0

Accounting - Finders keepers! Benefit options to attract and keep good employees

SAN ANTONIO - Many companies in the construction industry are experiencing increased difficulty in attracting and keeping good skilled laborers. One way to edge out the competition is to offer better employee benefits. One employee benefit becoming more popular with construction companies is offering retirement benefits to employees. For the purposes of this column, we’ll explore four basic retirement plan options, but there are other options ...

Created by : cwiatrekcn
11/28/2017 12:00:00 | Viewed: 0

Accounting - Potential payroll pitfalls

AUSTIN - Your focus is your company’s growth, but you might be jeopardizing that growth if you’re not aware of various payroll pitfalls. Voluntary compliance with IRS regulations can save hours of time and thousands of dollars in penalties and assessments in the event of an audit, so it’s important to understand how to avoid these issues before that happens....

Created by : kestescn
10/30/2017 11:00:00 | Viewed: 0

Accounting - Entity Selection and Changes

HOUSTON - Whether you set out to build a construction empire or started picking up odd jobs in your spare time, at some point, you made a decision about the type of entity you wanted for your business. What you chose when starting out may not be the best option for you now, but the good news is you are not locked in....

Created by : tericksoncn
09/28/2017 11:02:00 | Viewed: 0

Accounting - Sales and Use Tax and the Texas contractor: Solve the riddle! (Pt. 3)

AUSTIN - As you know, sales tax rules in Texas vary depending on project type, contract type, property type and entity type. Let me refresh your memory on the four simple questions a contactor must ask at the beginning of the project to determine sales tax:...

Created by : cwiatrekcn
08/30/2017 11:00:00 | Viewed: 0

Accounting - Simplifying Sales and Use Tax: A 4-part checklist

AUSTIN - For many of the construction firms we work with, sales tax is the bane of their existence. Texas has some of the most complicated, confusing rules that if not applied properly, can lead to steep penalties....

Created by : Reesa Doebbler
06/29/2017 14:00:00 | Viewed: 0

Accounting - Defining true job costs for construction bids

DALLAS/FT WORTH - At the heart of a profitable construction company is an accurate bidding process. An accurate bid involves much more than expected materials or your sub-contractor and labor costs. Other variables to consider are the weather, the subs (or GC), customer expectations and how you expect your competitors will bid. The more you factor in these variables across all bids, the closer you can get to a competitive that matches true costs....

Created by : cwright
04/27/2017 06:00:00 | Viewed: 0

Accounting – The real cost savings you should look for in a fixed price environment

DALLAS/FORT WORTH – Construction companies experience unique accounting structures due to expenses driving revenue as projects move through various stages of completion. By managing a variety of costs, maintaining safety for employees and hiring the right people, owners and project managers can improve cash flow and bid smarter on fixed price contracts....

Created by : cwright
03/29/2017 18:24:00 | Viewed: 0
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