These days, most businesses have some intangible assets. The tax treatment of these assets can be complex. What makes intangibles so complicated? IRS regulations require the capitalization of costs to: Acquire or create an intangible… Read More »Intangible assets: How must the costs incurred be capitalized?

The holiday season is here and many people plan to donate to their favorite charities or give money or assets to their loved ones before the end of the year. Here are the basic tax… Read More »Year-end giving to charity or loved ones

By now, many construction businesses have at least outlined the parameters of their 2023 budgets, if not finished them entirely. No matter where you’re at in the process, it doesn’t hurt to double-check your methodology… Read More »Is your construction company’s 2023 budget built on a solid foundation?

Businesses shut down for many reasons. Some of the reasons that businesses shutter their doors: An owner retirement, A lease expiration, Staffing shortages, Partner conflicts, and Increased supply costs. If you’ve decided to close your… Read More »Is your business closing? Here are your final tax responsibilities

Many people have savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself. You may wonder how the interest you earn is… Read More »How savings bonds are taxed

Most experts would agree that the best way to minimize fraud at any company, including a construction business, is to take a holistic approach. As the owner, you must set the tone at the top… Read More »Prevent fraud at your construction company with a holistic approach

These days, most businesses buy or lease computer software to use in their operations. Or perhaps your business develops computer software to use in your products or services or sells or leases software to others.… Read More »Computer software costs: How does your business deduct them?

No one needs to remind business owners that the cost of employee health care benefits keeps going up. One way to provide some of these benefits is through an employer-sponsored Health Savings Account (HSA). For… Read More »2023 limits for businesses that have HSAs — or want to establish them

Two tax benefits are available to offset the expenses of adopting a child. In 2022, adoptive parents may be able to claim a credit against their federal tax for up to $14,890 of “qualified adoption… Read More »Adopting a child? Bring home a tax break too

How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions,… Read More »Inflation means you and your employees can save more for retirement in 2023

Are you still using the optimal accounting method to handle your construction company’s tax deferrals? Depending on your business earnings, as well as your typical contract type and length, you can choose from various methods… Read More »Reviewing 10 tax accounting methods for construction companies