The CHIPS Act was signed into law on August 9, marking a multi-year, $280 billion investment in advanced manufacturing and technology. The construction industry – and Virginia – stand to benefit in more ways than one.
Amid the labor shortage, construction contractors can recruit from certain targeted groups that traditionally face barriers to employment. In return, they can claim the Work Opportunity Tax Credit.
The new normal for the global supply chain is anything but normal. We track the path through COVID, inflation, and in between and lay out possible solutions for companies to use moving forward.
Private company adoption of the new lease accounting update, ASC 842, is well underway. The impact will be felt in areas other than the balance sheet, especially for businesses in commercial real estate and construction.
An executive order could require federal construction contractors to implement a vaccine mandate on all federal jobs; however, recent court challenges make following the standard tricky, especially from one contract to another.
Construction contractors can use the temporary 100 percent business meals deduction for per diem expenses. Rate changes are in effect as of October 1, 2021. Contractors may want to review their expense reimbursement policies.
The Build Back Better Act contains a lesser-known tax proposal to permanently eliminate certain excess business losses. Especially for rental real estate owners, the effect is potentially substantial.
Several potential changes to partnership taxation may be coming for real estate partnerships in the federal budget reconciliation. If passed, partnerships may need to invest in real estate tax technology to stay in compliance.
In 2022, QuickBooks Desktop is migrating two of its products, Pro and Premier, to a subscription-only software. Small businesses and other organizations have a few options, but limited time to decide their next steps.
Construction contractors are in the business of documentation: contracts, reports, schedules, the list goes on. And that’s not including tax and financial records. Though most if not all this documentation is done digitally now, there are still questions about how long to keep certain records.