While many are happy about the expected increase in their take-home pay as a benefit from the Tax Cuts & Jobs Act (TCJA), few will be excited about the expected acceleration in divorces caused by a change in the treatment of alimony under the TCJA.
The Louisiana Department of Revenue implemented new tax withholding tables on February 16th to comply with the federal tax reform. Although federal income taxes decreased because of the new tax law, Louisiana state income taxes will increase due to a clause in the state constitution linked to federal income tax policy that allows one tax to increase while the other tax decreases.
There are many credits and deductions for both individuals and businesses that were revised or didn’t make the tax reform cut all together. Luckily for us, two of our favorite credits, the Work Opportunity Tax Credit and the Research and Development Credit, survived and will continue to offer tax relief for construction business owners.
Love it or hate it… it’s almost tax time! To ensure you’re not missing any pertinent information, we’ve compiled a checklist of the not-so-obvious items that you may need to provide your tax-preparer.
The new standard mileage rate for 2018, extended deadlines for supplying Affordable Care Act (ACA) Forms and updates to the IRS Income Tax Withholding Table
We are approaching year-end for payroll and compliance reporting and have a few lists that we think may help you have a little less stress as you begin the process of reporting wages for your employees and payments to contract laborers or other types of payments that have to be reported.
For decades, both the university and season ticket holders have benefitted from the program under section 170(I) of the Internal Revenue Code that allows for 80% of the donation to be treated as a tax deductible contribution and the remaining 20% treated as payment for goods.
HORNE’s annual Construction Forum was held on December 1st at the Country Club of Jackson. Anirban Basu and Dean Zerbe, along with members of the HORNE Construction team, provided educational insights on topics including tax reform, revenue recognition, lease standards, succession planning, cybersecurity and an economic outlook of the construction industry.
With the end of 2017 quickly approaching, it also signifies Executive Order 13706’s first year of implementation. The Davis-Bacon Act (DBA) has been around since 1931 and was originally established to pay all workers an amount equal to the local wage for the area where construction occurred. Even though DBA has been around a lot longer than EO 13706, we still see cases of construction companies paying fines for not complying.
After much discussion, The House Committee on Ways and Means passed the Tax Cuts & Jobs Act. While we still anticipate changes to this proposal, there are a few items listed that contractors should take note of in the upcoming months.
If you are considering purchasing a new or used truck for your business, the weight and length of the truck will determine the amount you are able to deductin the first year.
With the end of the 2017 calendar year quickly approaching, now is the time for year-end tax planning for both businesses and individuals. Year-end tax planning is the process of evaluating your current business income and estimating what it will be at the end of the year to determine what strategies are available to help reduce your current year taxable income.
What you need to know. The sales tax and use tax rates are both 7% for the state of Mississippi. Sales tax is applied to the sale of tangible personal property and various services. Use tax is applied to goods purchased for use, storage or other consumption in Mississippi.
The Work Opportunity Tax Credit (WOTC) is a federal tax credit offered to encourage businesses to hire individuals from targeted groups. The credit ranges from $2,400 to $9,600 per employee depending on the group the employee belongs to, and there is no limit to the number of credits a company can apply for.
September 21, 2017: Pearl, MS - Join us for breakfast as Brad Pierce from HORNE Cyber discusses cybersecurity threats to the construction industry and common sense ways to protect information. Matt Elkins and Nick Dubuisson from HORNE Construction will also be there to discuss popular technology software and tools to help businesses make better decisions.
Technology and succession planning are two of the biggest trends affecting the construction industry.
Today, cyber crime is less about stealing credit cards and other personal financial information. Attackers today focus on stealing valuable information such as intellectual property, contract pricing and trade secrets. There’s much more at stake today. Cyber crime poses risks to your operations and reputation.
Most construction business owners will spend a lifetime making sure their businesses succeed. After all of your hard work, do you really want to leave the fate of your business in someone else’s hands? As it is likely your largest asset, you’ll want to ensure your business is protected through a detailed estate plan.
It’s critical to plan your exit from the company years in advance to ensure you can depart with confidence. Are you ready to exit?
It’s critical for every business owner to lay out how their business will operate after they leave, a comprehensive succession plan ensures your business survives a change in ownership.
Business continuity is one of the most pressing and under mentioned issues in the construction industry. What will happen to your company, its owners and families when ownership changes?
Value-based pricing ensures you receive exactly what you need to succeed. No surprises. Only satisfaction. And we stand behind our work. Your satisfaction is 100% guaranteed.
FASB issued an Accounting Standards Update intended to improve financial reporting on leasing transactions.
To help close out the month quickly and accurately, a checklist to follow in reconciling/closing out monthly financial statements.
The Dept. of Labor projects this new ruling will cost employers an estimated $12 billion over the next 10 years.
Do you know the six questions you should be asking?