By Andy Rose CPA, CGMA, CCIFP & Robert Nagle CPA, CGMA When you're thinking about starting a construction company, it's vital to have a smart financial strategy in place, rooted in accounting basics. The right financial strategy will reduce your administrative duties, keeping them from overshadowing your customer relationships and ability to work in the field. And when you establish this strategy early in your company setup, you can leverage accounting basics to reduce cost, increase profitability, and minimize tax liabilities. Here are five important questions to ask yourself as you begin building your new business: #1: Will my choice of entity type support personal and business goals while helping me to save on taxes?..
By John Skukalek, CPA, CGMA, Rehmann The work of construction companies is distinctive and complex, generally involving outside contractors in addition to a company’s own internal staff. That’s why ensuring that your internal team is aligned with one another—as well as with your outside partners—is fundamental to the business's success. To yield the best results, construction companies should keep the following key concepts in mind. Top talent Employers will reap the benefits when taking deliberate steps to recruit and retain individuals with strong skillsets...
Rehmann, a fully integrated financial services and advisory firm, has been named to The Top 50 Construction Accounting Firms™ by Construction Executive for the third year in a row. Companies selected for this honor are chosen based on the strength of their construction practice and ability to guide construction clientele amid ongoing economic uncertainty. “As the construction industry grapples with ramifications of the pandemic, our advisors continue to provide specialized pandemic-focused consulting, ensuring clients maximize cash and tax benefits through coordinated PPP loan forgiveness and Employee Retention Tax Credits consulting, other government financial assistance and human resources pandemic support, “said Bob Nagle, principal at Rehmann. “Our team of construction specialists has contributed to our clients emerging from the pandemic with stronger cash flow and liquidity as they re-engage to full operations...
By Matt Grigsby, CPA, MST While the chaos of the pandemic has caused a lot of uncertainty in the construction industry, solidifying goals for your business makes it much easier to move forward, even during difficult times. Though they will vary from one project to the next, these five goals will help your company see consistent growth. #1: Always set project safety standards It's easy to set company safety goals, but that doesn't necessarily translate to action in the field. Here’s what you can do to ensure your company's safety programs will be followed at every job site: Prior to starting any project, create a plan identifying possible risks and arrange mitigation to prevent issues arising from those risks...
Watch our On Demand Webinar The confluence of 2017’s Tax Cut and Jobs Act (TCJA), 2020’s Coronavirus Aid, Relief, and Economic Security Act (CARES Act), and the new Consolidated Appropriations Act (CAA), has taxpayers (and tax professionals) on their toes, to say the least. Along with a new guard in Washington D.C., these sweeping changes created a dynamic situation for multitenant landlords and lessors of other real estate...
Rehmann has been named one of Construction Executive’s (CE) Top 50 accounting firms for the second year in a row. “The construction industry has been impacted significantly by COVID, and our advisors have continued to provide critical support and real-time solutions to clients in the industry,” said Bob Nagle, principal at Rehmann. “Rehmann has a solution to meet a wide variety of business needs, and we are honored to partner with a many leaders in the construction industry.” CE developed The Top 50 Construction Accounting Firms ranking by asking hundreds of U...
Earlier this month, Congress clarified new tax laws, providing investors with capital gains an extraordinary investment opportunity – one that could stir a nationwide development boom and deliver tax-free returns. Legislative Recap Last year’s Tax Cuts and Jobs Act allowed investors to reinvest capital gains, like from the sale of stocks or other assets, in Qualified Opportunity Funds, which are entities dedicated to investing in mostly low-income areas throughout the country. The funds must invest in eligible tracts of land selected by each state’s governor called Qualified Opportunity Zones. In Michigan, as with other states, zone selection included input from local governments and economic development organizations...
Download a copy of this article The latest tax reform passed in the Tax Cuts and Jobs Act (TCJA) enacted sweeping changes to the U.S. tax code. Among them is a program with the potential to provide a powerful boost to low-income communities and significant tax incentives for investors...
Construction companies have always had to worry about crimes such as embezzlement and fraud. But the dangers they face now are much more sophisticated — and can be far costlier. According to the Ponemon Institute's latest U.S...
It may be time for your construction firm to think big. Big data that is. "Big data" is a term often used to describe the vast repository of information collected from various technology sources, including smart phones, social media, GPS devices, sensors, cameras, bots, computer algorithms and satellites. The concept of big data analytics is being embraced by companies across the country and it's proving beneficial in many ways, ranging from marketing to construction-site analysis to scheduling...
At Rehmann, we strive to be The Firm of Choice not only for our clients, but for our associates as well. As our company grows – our team numbers 800 and counting – we continue to focus on training and development, to provide our clients the best solutions from the most knowledgeable team.
Here’s what Rehmann delivers: an outstanding environment full of professional challenge and reward; a culture based on putting people first and celebrating an entrepreneurial spirit; and opportunities to enrich the lives of those we serve. Passion, collaboration, and trust drive everything we do. If this sounds like you, we hope you connect with us for your next opportunity.
Kind Regards,
Randy Rupp, CPA
CEO
You'll be glad you did.