Construction
Every industry has its special characteristics, but the construction industry is truly unique. Because of its susceptibility to business cycles, special income tax problems, financial reporting, bonding and financing needs, special construction accounting and tax consulting knowledge is required to serve construction companies like yours.
You need financial professionals who can apply their knowledge of the construction industry to your problems. In addition to the traditional tax, audit and litigation services provided by HORNE, we help construction industry clients with services specific to their needs including:
Total Job Cost Audits
Proper job costing is critical to the measurement and
reporting of contracts. Job cost audits can be performed for a
variety of reasons. Whether the audit is performed as part of a
required contract stipulation or the contractor wishes to improve
its job costing process and reliability, HORNE can provide timely,
accurate information to meet these needs.
Analysis of Contract Cost Components and Burden
Rates
HORNE provides thorough analysis and interpretation of your
contract cost components. We'll work with you to determine
the adequacy of your labor and equipment burden rates and make
suggestions for your project and overall cost and rate
strategy.
Tax
Preparation, Compliance and Consulting
HORNE provides timely tax planning, tax compliance filings,
and tax consulting to meet your needs. Having the right answer, at
the right time, gives you a competitive and strategic advantage
when making business decisions. We work to provide the piece of
mind you are looking for as we assist you in navigating through the
maze of ever changing legislation.
State and Local Tax
Planning
HORNE is focused on assisting contractors in navigating
through the multi-state complexities whether it is sales and use
tax, income and franchise, or abandoned unclaimed
property. While we often work with companies on a prospect
basis, providing assistance during state tax audits is another
value added service we provide to assist clients in negotiating and
resolving complex issues.
Indirect Cost
Audits
HORNE uses our experience in the construction industry to
assist engineering firms and government contractors through
services such as indirect cost rate audits and Federal Acquisition
Register ("FAR") compliance. In addition, HORNE is able to
provide a variety of services that include internal control
consulting and evaluation, job cost analysis, and compiling
overhead schedules.
Estate and
Succession Planning
The experienced professionals at HORNE assist in developing an
estate and succession plan that will not only minimize the estate
tax burden, but will provide our clients with significant control
over their assets and business. Succession plans developed by HORNE
professionals can also be vital in obtaining certain loans and
surety bonds critical in financing a project or a construction
contract.
Cost Segregation
Study and 179D
A cost segregation study is a process of identifying personal
property that would typically be depreciated over 39 years as part
of a building and reclassifying these assets into class lives of
five, seven or 15 years. Allowing for accelerated
depreciation expense, a reduction in income taxes, and enhanced
cash flow to you, owners of commercial real estate can recover
depreciation deductions that were warranted, but not taken, in
previously filed tax returns. Internal Revenue Code Section
179D provides generous tax benefits for the installation of certain
qualified energy-efficient commercial building components. Instead
of depreciating them over a period of years, the cost of qualified
components can be deducted in the year placed in service.
Entity Selection
There are many choices of entities available to businesses.
Most of these choices have advantages, in the right situation.
HORNE helps you in the decision making process of entity selection.
These decisions can enhance your internal procedures as well as
your long term profitability.
Financial Statement
Preparation
Financial statements consist of a balance sheet, income
statement and cash flow statement. HORNE uses financial
statements as a true performance measurement. They are critical to
the tax planning process and are necessary in order to buy, sell or
borrow money.
Business and
Operations Consulting
Years of experience in the construction industry allows HORNE
construction team members to serve as a trusted advisor in areas of
your business from procedural implementation to organizational
structure. Compensation and benefit programs, general
operating procedures, software consultation, financial projections
and forecasts, cash flow and budgeting assistance are all part of
HORNE's scope of services.
Bonding
Consultation
In a difficult economy, bonding companies are asking difficult
questions. HORNE's team of construction accounting advisors can
help you not only answer these questions, but have a clear plan to
obtain the bond capacity you need to grow your company and
accomplish your long-term goals. We'll also help you understand the
documentation requirements necessary to meet the needs of sureties
and underwriters.
Business
Valuation
HORNE assists clients with their business valuation needs in both
litigation and non-litigation settings. Non-litigation
engagements include buy/sell agreements and business planning. In
litigation engagements, we focus on damage determination and
shareholder disputes with the experience to provide expert witness
testimony if needed.
Litigation
Consulting
HORNE's team of fraud, forensic and litigation consultants
offer comprehensive fraud examinations, complex valuation issues
and litigation engagements. Expert witness testimony is often
provided in our client engagements.
Contact Us
For more information on any of HORNE's construction accounting and business advisory services, contact Joel Bobo at 601.326.1332 or by e-mail at joel.bobo@hornellp.com.