Regulations are unquestionably mandatory. There are two important laws that federal contractors and subcontractors must be aware of: The Davis-Bacon Act applies to U.S. Government contracts in excess of $2,000 for the construction, alteration or repair (including painting and decorating)… Read More
Blog
Offer Acceptance Periods: Can You Revive an Expired Offer?
When a contractor submits an offer (a bid or proposal, depending on the type of procurement) to the federal government, the solicitation normally specifies the period within which the government can accept the offer and form a legally binding contract…. Read More
Recoup Some Capital Investment
Take a look around. If you’ve been building up piles of scrap, excess raw materials, obsolete equipment, returned inventory and spare parts, you probably need an investment recovery program. Idle assets have value to someone and selling them off makes… Read More
8 Steps to a ‘Lean Manufacturing’ Approach
The term “lean manufacturing” means different things to different people. However, it can generally be agreed upon that lean manufacturing represents a management philosophy that emphasizes the elimination or reduction of waste in order to increase company profitability. In other… Read More
Tax Issues When Winding Up the Estate of a Loved One
When a loved one who was “financially comfortable” passes away, his or her family must deal with the emotional issues that come with the loss — as well as winding up the decedent’s financial affairs. Surviving family members are often… Read More
Pursuing and Defending Construction Claims
Some Litigation Support Services Accountants Provide to Construction Companies Quantification of damages; Expert witness testimony; Fraud detection; Analysis of schedule delays; Business valuation; Preparation of expert reports; Resolution of shareholder disputes; Review of the opposing party’s financial records; Analysis of… Read More
Lowering the Bar on Performance and Payment Bonding
Acquiring or increasing your firm’s bonding capacity can open a whole new market of jobs. It can allow you to take on a multitude of public works projects or larger, more profitable, higher-profile private jobs that require a more hearty… Read More
Deducting Pass-Through Business Losses
Many business ventures generate tax losses, especially in the first few years of operation or under adverse conditions. When can losses be deducted — and how much can you deduct in any given year? This article explains new limitations on… Read More
Employers: Be Aware (or Beware) of a Harsh Payroll Tax Penalty
If federal income tax and employment taxes (including Social Security) are withheld from employees’ paychecks and not handed over to the IRS, a harsh penalty can be imposed. To make matters worse, the penalty can be assessed personally against a… Read More
Employee vs. Independent Contractor: How Should You Handle Worker Classification?
Many employers prefer to classify workers as independent contractors to lower costs, even if it means having less control over a worker’s day-to-day activities. But the government is on the lookout for businesses that classify workers as independent contractors simply… Read More