Construction

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Article

Will Your Business Survive Without You?

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?

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Succession Planning = Peace of Mind

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.

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You’ve Built Your Business, Now Build Your Exit 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?

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What's the Fate of Your Estate?

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.

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Event

Wrapping Up The Year Workshop

Join us for an informational session featuring HORNE team members from Construction, Cyber and Franchise discussing topics to ensure your company is compliant and secure.

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Children’s Promise Act of Mississippi

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. 

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Prepare Now for Year-End Reporting

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. 

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Event

2019 HORNE Construction Forum

Join us for HORNE Construction Forum 2019, an annual event uniting construction professionals and industry leaders for a day of exploring and refining innovative solutions to the complex challenges re-shaping the future of construction.

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In the News

HORNE Ranks #22 in Construction Executive’s Top 50 Construction Accounting Firms

HORNE LLP was recently selected as one of the Top 50 Construction Accounting Firms in the nation by Construction Executive Magazine. HORNE ranked #22 in the magazine’s first ever ranking of construction accounting firms.

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Article

A Contractor’s Guide to State Nexus

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.

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The Road to Success Starts With Funding

Raising taxes may not always solicit a positive reaction from taxpayers, neither does driving on the deteriorating roads found throughout the country.

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Data Analytics in the Construction Industry

Data analytics is the solution to transform all the data into information that can be used to improve your company’s bottom line.

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Safe Harbor Guidance for Rent and Lease Income

The Internal Revenue Service issued Notice 2019-07 much to the delight of tax professionals throughout the country.

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Counting Sheep: 5 Things That Should Keep Contractors Up at Night

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.

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Tax Reform: Are Your Parking Expenses Deductible?

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. 

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Mississippi Conformity

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.

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Government Re-Opened but Delays in Tax Filings Still Possible

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.

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Whitepaper

Tax Planning Opportunities for the Construction Industry

The CICPAC Tax Thought Leadership Committee has compiled a summary of those changes potentially impacting our construction clients for consideration.

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Don’t Delay, Extend by Tax Day

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.

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Form 5500-series

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.

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Required Minimum Distribution

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.

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C Corp versus S Corp

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).

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Is Your Company Prepared for the New Lease Standards?

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.

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HUD Section 3 Guide for Contractors

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.

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The Steel Tariff's Effect on Contractors

This tariff, along with construction costs continuing to accelerate, will require contractors to find ways to reduce costs for existing and new projects.

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Per Diem for Contractors

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.

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Tax Scam: Don't Fall for the Call

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.

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Revenue Recognition Implementation Guide

The Revenue Recognition standards, CICPAC has released their official Revenue Recognition Implementation Guide to aid the construction industry in recognizing revenue associated with contracts.

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New SUV and Truck Guidelines Benefits Contractors

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.

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IRS Encourages "Paycheck Checkup"

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.

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Succession Planning (Or The Lack Thereof)

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?

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Benefits of Year-End Tax Planning

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.

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Infographic

MS Sales and Use Tax for Contractors

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.

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Whitepaper

Alimony Tax Changes Under the TCJA

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.

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Work Opportunity Tax Credit and Research and Development Tax Credit

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.

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Wrapping Up the Year 2017: Tips for Payroll and Compliance Reporting

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.

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Will Priority Seating be a Priority?

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.

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Can a Cybersecurity Breach Happen to Me?

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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Tax Credit that Could Save Contractors Thousands

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.

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Construction Value Based Pricing

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.

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Month End Close Checklist

To help close out the month end quickly and accurately, a checklist to follow in reconciling/closing out monthly financial statements.