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Fall 2019 Construction Industry Adviser

Companies that qualify as “small businesses” enjoy several tax benefits, including simplified tax reporting and the ability to defer taxes under certain circumstances. Your construction company’s eligibility for these advantages depends on your gross receipts, including those earned by certain related entities.
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A closer look at a tax incentive for investing in small businesses

My favorite saying in life is “people do not know what they do not know.” There is nowhere this rings truer than in the complex world of tax law. Interpreting and implementing the internal revenue code (IRC) involves understanding many regulations, court cases, proposed regulations, and rulings, to name a few. Once we cross that barrier, there are incredible tax savings opportunities to be found—in particular, the ability to sell C corporation stocks income tax-free.
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Summer 2019 Construction Industry Adviser

It’s been about 13 years since the Financial Accounting Standards Board (FASB) started overhauling its lease standard. For some time now, the new rules have been scheduled to take effect for private companies with fiscal years beginning after December 15, 2019—in other words, 2020 for companies with a calendar year end. However, as of this writing, there’s strong support from various organizations, including the AICPA and AGC, for delaying the implementation date at least one year.
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Summer 2019 Manufacturer

“Don’t put off until tomorrow what you can do today,” Benjamin Franklin once advised. This timeless wisdom applies in many business scenarios, from taking advantage of growth opportunities to claiming tax deductions.
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TCJA: Who should itemize?

Tax reform & business meal deductions: 5 things to know

Spring 2019 Construction Industry Adviser

Insurance is a challenge for most construction businesses. You want to control your costs, but you may struggle to obtain affordable coverage of difficult-to-insure risks or fill “gaps” in your existing coverage. One potential solution for fast-growing or well-established construction businesses is captive insurance. It can help reduce premium costs while providing a variety of valuable financial and tax benefits.
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Spring 2019 Manufacturer

To grow, manufacturers often focus on the top line of their income statement (revenue). But boosting profits is the key to long-term sustainable growth. In today’s competitive marketplace, owners must review their operations every year and ask: What can we do to make more money from each direct labor hour or dollar invested in machinery?
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Winter 2019 Construction Industry Adviser

Is your construction business organized as a sole proprietorship or pass-through entity (such as a partnership, S corporation or limited liability company)? If so, the new 20% “pass-through” deduction can be a valuable tax break.
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Winter 2019 Manufacturer

The Tax Cuts and Jobs Act (TCJA)–which passed late in 2017–is long and complicated. Its effects will vary from business to business, depending on each one’s structure and the nature of its operations. Here are four major changes that are likely to save taxes for domestic manufacturers starting in 2018.
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Fall 2018 Manufacturer

Under the Tax Cuts and Jobs Act (TCJA), starting with tax years beginning in 2018, manufacturers with more than $25 million in average annual gross receipts will generally be able to deduct less interest expense than they could have deducted under prior law.
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August 2018

Press Release: Norma Rychwalski joins The Hoffman Group, LLC

Summer 2018 Construction Industry Adviser

The Tax Cuts and Jobs Act (TCJA) slashed federal corporate income taxes from a top rate of 35% to a flat rate of 21%. As a result, many construction company owners organized as pass-through entities–such as S corporations, limited liability companies (LLCs) and partnerships–are rethinking their business structures.
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Summer 2018 Manufacturer

The Tax Cuts and Jobs Act (TCJA) permanently lowers the federal income tax rate for C corporations to a flat 21%, starting in 2018. But manufacturers that operate as sole proprietorships and “pass-through” entities aren’t eligible for this reduced tax rate. Instead, they may be eligible for a “qualified business income” (QBI) deduction for 2018 through 2025.
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Spring 2018 Construction Industry Adviser

Construction is a highly competitive industry in the private sector. But when it comes to public projects, winning a job can be even more cutthroat. That’s because government jobs are often subject to prevailing wage laws, such as the federal Davis-Bacon Act or the “little Davis-Bacon acts” that have been adopted in many states.
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Spring 2018 Manufacturer

In December 2017, President Trump signed the Tax Cuts and Jobs Act (TCJA) into law. This is the most comprehensive tax reform package in over three decades, and it will have a major impact on how much income taxes manufacturers and distributors will pay in 2018.
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Winter 2018 Construction Industry Adviser

The passage of a new tax law in December was intriguing news for most construction company owners. Now that the dust has settled, let’s take a look at some of the highlights of the Tax Cuts and Jobs Act.
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Highlights of the New Tax Reform

The new tax reform law, commonly called the “Tax Cuts and Jobs Act” (TCJA), is the biggest federal tax law overhaul in 31 years, and it has both good and bad news for taxpayers.
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Winter 2018 Manufacturer

Manufacturers tend to base product prices on direct production costs. Then they occasionally adjust prices for inflation or when the costs of raw materials or labor rates spike. Here’s why this simplified pricing model may compromise market share over the long run–and how market leaders factor market-based considerations into their pricing strategies.
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November, 2017

Press Release: Kellee Fitzsimmons joins The Hoffman Group, LLC

Fall 2017 Construction Industry Adviser

As we approach the end of 2017, it’s once again time to explore strategies for reducing your construction company’s tax bill. Because every business is different, it’s important to work directly with your CPA to determine the right moves for you.
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