This page brings together resources and insights to help make change an opportunity for, instead of a disruptive force on your business.
One way to manage the economic recovery is through changes to the current tax law. This chart examines the differences between the proposals under current President Donald J. Trump and Democratic nominee Joe Biden.
HORNE Construction Forum 2020 is going virtual! Register now for a new online experience that will take place over five weeks with interactive sessions and unique Q and A opportunities.
President Trump signed a new Executive Order and three memorandum on Saturday, August 8, to provide immediate relief.
On Friday, May 15, the Small Business Administration (SBA) released the much-anticipated Paycheck Protection Program (PPP) Loan Forgiveness Application.
Applicants that submit complete, supported forgiveness information will receive the maximum loan forgiveness and have their approvals processed quickly.
Hackers are using the rush to obtain loan proceeds as an opportunity to take advantage of unsuspecting business owners. You must remain vigilant regarding this and other phishing attempts.
The U.S. Chamber of Commerce Foundation launched the Save Small Business Fund to provide assistance to small business owners impacted by coronavirus.
With the release of the CARES Act and announcement of the PPP, taxpayers have been anxiously awaiting additional guidance related to self-employed individuals.
SBA 7(a) Relief Loans offered under the PPP cover payroll and other specific expenses for small businesses for an eight-week period.
As the coronavirus continues to spread across the United States, the House of Representatives has passed H.R. 6201 – Families First Coronavirus Response Act to assist individuals and employers affected by the novel coronavirus.
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.
With technology influencing nearly every aspect of our industry, it’s important to understand how these trends may impact your business.
A sales and use tax review can mitigate the risks by assisting the contractor in setting up adequate policies and procedures to ensure compliance.
Business continuity is one of the most pressing and undermentioned issues in the construction industry. What will happen to your company, its owners and families when ownership changes?
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.
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?
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.
The focus of this Act is to provide much-needed assistance to Mississippi’s foster care systems and providers of educational services to disadvantaged students.
With the start of the last quarter of the year officially here, now is the time to prepare for year-end payroll and compliance reporting.
HORNE LLP was recently selected as one of the Top 50 Construction Accounting Firms in the nation by Construction Executive Magazine. HORNE ranked #29 in the magazine’s first ever ranking of construction accounting firms.
It’s important to determine if your construction company is responsible for state sales tax or income tax before bidding on an out-of-state job to ensure an accurate bottom line on the project and to also ensure compliance with state agencies.
Raising taxes may not always solicit a positive reaction from taxpayers, neither does driving on the deteriorating roads found throughout the country.
Data analytics is the solution to transform all the data into information that can be used to improve your company’s bottom line.
The Internal Revenue Service issued Notice 2019-07 much to the delight of tax professionals throughout the country.
Every job undoubtedly has stressors that keep employees up at night, but we’re keeping an eye on these 5 things in 2019 that may have contractors counting sheep.
The IRS has provided additional guidance regarding changes that the Tax Cuts and Jobs Act (TCJA) made to the tax treatment of parking fringe benefits.
The Tax Cuts and Jobs Act celebrated its first birthday as federal tax law on December 22, 2018, Mississippi began issuing the final guidelines on its conformity with the changes found within the Tax Cuts and Jobs Act.
Compromise was reached on January 25, 2019 to temporarily reopen the government after the longest shutdown in U.S. history. Due to the delay in guidance and approved forms, taxpayers involved in certain activities should still prepare for a delay in filing their 2018 tax return.
The CICPAC Tax Thought Leadership Committee has compiled a summary of those changes potentially impacting our construction clients for consideration.
Tax Day, which typically falls on April 15th, has caused stress for taxpayers and tax preparers alike for many years as they scramble to file tax returns on time. But is all the stress necessary? Not if you file an extension.
The IRS, Department of Labor, and Pension Benefit Guaranty Corporation jointly developed the Form 5500-series returns for employee benefit plans to satisfy annual reporting requirements under ERISA and the Internal Revenue Code.
Many individuals may not think twice about taking a required minimum distribution (RMD) or more from their retirement accounts each year, they might take it more seriously if they know the IRS can assess a 50% penalty for failing to take a RMD.
The Tax Cuts and Jobs Act (TCJA) reduced the highest tax rate for C corporations from 35% to a flat 21%. The TCJA also granted pass-through entities (partnerships, S corporations, trusts, estates) and sole proprietorships a 20% deduction of qualified business income (QBI).
It’s critical to ensure your company is prepared for the new lease standards. Preparation may take considerable time and effort depending on the number and complexity of your lease arrangements and access to existing data.
HORNE will help you determine if your business qualifies for Section 3 certification and assist you in the self-certification process to become classified as a Section 3 Business.
This tariff, along with construction costs continuing to accelerate, will require contractors to find ways to reduce costs for existing and new projects.
With the growing number of contractors working on job sites away from home, the issues of per diem and travel allowances are often discussed. Any employee that works on a job at least 50 miles away from their home address qualifies for per diem if their employer offers it as a benefit.
Criminals are becoming increasingly creative with technology and aggressive with their scamming attempts so it’s important for taxpayers to remain vigilant when receiving calls.
The Revenue Recognition standards, CICPAC has released their official Revenue Recognition Implementation Guide to aid the construction industry in recognizing revenue associated with contracts.
Construction companies typically own several SUVs and pick-up trucks as part of their fleet and should be aware of the new guidelines for deducting vehicles purchased strictly for business use.
The IRS is encouraging all taxpayers to perform a “Paycheck Checkup” to ensure their tax withholdings are still accurate after the passing of the Tax Cuts and Jobs Act. Click the link to view the news release and updates released by the IRS.
Situations will obviously differ from person to person and maybe “that won’t ever happen” to you. But the question remains, who do you want to handle your affairs if the unexpected does happen?
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.
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.
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.
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.
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.
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