Succession Planning for Construction, Part 2: Four Common Transition Options

The familiar saying “failing to plan is a plan for failure” is spot on, especially for construction companies facing a transition in leadership. Without enough time to plan for the owner’s exit, any of the following scenarios can easily lead to a construction company in chaos.

2020-06-30T11:54:54-04:00June 30, 2020|Categories: Construction and Real Estate|Tags: , |

Deduct Some Losses Due to COVID-19 on Your 2019 Taxes

Over the past several weeks, there has been a lot of attention regarding the tax provisions and federal loan programs such as the Paycheck Protection Program included in the CARES Act.

2020-10-05T10:36:48-04:00June 30, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: |

Expanded Relief to Plan Participants for Coronavirus-Related Distributions

On June 19, 2020, the IRS issued Notice 2020-50 that expands the categories of individuals eligible for plan distributions and plan loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

2020-06-29T11:21:29-04:00June 29, 2020|Categories: PBMares COVID-19 Insights, Retirement|Tags: , |

New Guidance on When to Apply for PPP Loan Forgiveness, Owner-Employees, and Excepted Employees

New guidance released on June 22, 2020, provides businesses with information on when they are able to apply for loan forgiveness, caps on employee-owner compensation, and some clarification on excepted employees in FTE calculations.

2020-10-05T10:37:47-04:00June 26, 2020|Categories: PBMares COVID-19 Insights|Tags: |

IRS Allows the Ability to Rollover Required Minimum Distributions in 2020

On Tuesday, June 23, 2020, the IRS issued a notice clarifying the recent waiver of required minimum distributions (RMD) from retirement plans in 2020.

2020-06-26T10:55:36-04:00June 26, 2020|Categories: PBMares COVID-19 Insights|Tags: , |

Succession Planning in Construction, Part 1: How Owners Can Get Started

As the leader of your construction company, how much time have you spent envisioning your retirement, or the process leading up to it?

2020-06-25T12:52:17-04:00June 25, 2020|Categories: Construction and Real Estate|Tags: , |

New PPP Loan Forgiveness Applications Released

On Tuesday, June 16th,  Treasury and the SBA released updated PPP loan forgiveness applications, including an alternative EZ application that is designed to simplify the process for those who meet certain criteria.

2020-06-19T17:19:27-04:00June 18, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , , |

PPP Flexibility Act Payroll Guidance

The SBA recently released guidance on two major issues in the PPP Flexibility Act. The first addresses the PPP Flexibility Act's adoption of a 24-week covered period, in lieu of an 8-week covered period, regarding payroll.

2020-10-05T10:38:58-04:00June 17, 2020|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , |

Changes to Donor Disclosures for Exempt Organizations

On May 28, the Treasury and the IRS released final regulations (T.D. 9898) updating information reporting regulations under section 6033 that are generally applicable to organizations exempt from tax under section 501(a).

2020-06-16T13:03:47-04:00June 16, 2020|Categories: Not-for-Profit|Tags: , |