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Construction & Real Estate

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10 Things to Know About the Accounting Standards Update Regarding Leases
10/21/2021
New accounting standards under the Financial Accounting Standards Board’s (FASB) Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) require organizations to record leases on their balance sheets. in 2019, and now...
Includes insights from Phillip D. Hann
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The New Face of Banking
6/12/2020
The banking sector is the latest industry to dramatically change how it operates in response to the current economic environment. The most visible change for consumers are new requirements for taking out a mortgage. Here are some tips for working...
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Should You Buy or Rent a Home?
3/4/2020
For many folks, the lyrics of a 1960s rock song summarize the American dream: "Our house is a very, very, very fine house." According to U.S. Census figures, about two-thirds of American families are homeowners. But buying a house or...
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Update on Home Mortgage Interest Deductions
4/8/2017
If you own a home with a mortgage, you should receive an IRS form from your lender each year with information that is used to claim an itemized deduction for qualified residence interest. For 2016, that form should include additional...
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Consider Section 179 Deductions for Real Estate Expenses
2/23/2017
The Section 179 deduction for qualified real property expenses was made permanent under the Protecting Americans from Tax Hikes (PATH) Act of 2015. However, claiming this deduction isn't a no-brainer. Here are the pros and cons. Section...
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Brace Your Business for Disaster Scams
2/26/2016
Few things in life are certain, but when disaster strikes, the number of fraud incidents will probably skyrocket. In the wake of a hurricane, tornado, flood, fire, earthquake or other unexpected catastrophe, fraudulent operators are always quick to...
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How to improve your win-loss ratio
12/18/2015
In an ideal world, work would come in without your having to fight for it or search it out. If your company isn’t in that favorable position right now, then do the next best thing – win more of the bids you do prepare. Fewer hours...
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How tax credits for historic building rehab work
11/20/2015
Two credits are currently available for the restoration of historic buildings – a 20-percent credit for the rehabilitation of certified historic structures and a 10-percent credit for nonhistoric buildings built before 1936. The substantial...
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Could better networking help your company?
11/4/2015
The emphasis on social media and web-based marketing sometimes overshadows what is still the most effective marketing technique – networking. Of course, an attractive website or portfolio with photos of your past work can be impressive...
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Is your company using energy tax credits?
10/28/2015
The business energy tax credit can provide significant tax breaks to businesses that make certain energy-efficient improvements to buildings. To be eligible for the credit, the original use of the equipment must begin with the taxpayer, or the...
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Will revised floodplain rules put your project underwater?
10/16/2015
Ten years after Katrina devastated New Orleans, floodplain management is again in the forefront. The National Weather Service defines storm surges as an abnormal rise of water generated by a storm. At their worst – such as in Katrina –...
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Study examines like-kind exchanges
9/25/2015
Since 1921, investors in commercial properties have been allowed to defer paying capital gains when selling a property as long as they do a like-kind exchange. The long-term and short-term impacts of changes to the provision are examined in The...
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Work-in-progress schedule key to accurate estimates
9/14/2015
A contractor’s financial statements are only as accurate as the work-in-process (WIP) schedule, and the WIP schedule is only as good as the estimated costs to complete. “It ain’t over ’til it’s over”If estimated...
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Grow your own workers: Hire apprentices
8/28/2015
A time-honored approach to training the next generation of skilled workers is gaining traction. Due to ongoing labor shortages in construction and other industries, apprentice programs are on the rise. To support the timely development of...
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Chinese homebuyers lead foreign sales
8/19/2015
For the first time, Chinese buyers led all other foreign purchasers of U.S. homes, both in number and dollar volume, according to 2015 figures of the National Association of Realtors. More than 209,000 homes were purchased by international buyers...
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Phablets, augmented reality and other innovations
7/30/2015
Technology continues to transform communications and information sharing, enabling construction firms to be more efficient and save money. Cell phones are one of the first innovations to enable better communication between office, job site,...
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Little known 179D deduction creates big tax savings
7/20/2015
Contractors performing work for public entities may be leaving significant tax savings on the table by not considering the Section 179D deduction for energy efficient buildings. This relatively unknown provision of the tax law allows for a...
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Smaller living and work spaces in demand
7/1/2015
Small appears to be the trend of the year as interest in downscaled living and work spaces rises. Builders and landlords, especially those who invested in high-end real estate, are beginning to take notice as metropolitan areas like New York are...
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Be aware of IRS limits on mortgage interest
6/18/2015
For most taxpayers, mortgage interest is one of the biggest, if not the biggest, tax deduction that they take. Home mortgage interest is deductible on Schedule A of your tax return if it is secured by your “qualified residence” –...
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Is travel between work sites commuting or expense?
6/4/2015
Construction supervisors and other employees who travel between different permanent job sites might want to take note of a recent Tax Court decision in California. Lonnie Bartley, a construction supervisor for Far West Contractors Corp. in...
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