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Don’t Delay, Extend by Tax Day November 2018

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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Article

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?

With the end of 2018 approaching and 2019 right around the corner, it’s critical to ensure your company is prepared for the new lease standards.

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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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What To Expect From Tax Cuts & Jobs Act

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.

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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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Updated Tax Table for Louisiana

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.

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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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Business and Individual Tax Time Checklist

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.

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2018 IRS Updates and Tax Tables

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.

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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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Article

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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Article

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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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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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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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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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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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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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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Monthly Closing Checklist

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