IRS depreciation limits

Jul. 13, 2016

Section 179 of the IRS tax code allows businesses to fully deduct equipment purchased or financed during the tax year. However, there are dollar limitations on how much you can […]

When must equipment be “placed in service?”

Nov. 25, 2015

  For a business to begin writing off the cost of depreciable equipment and property, the equipment must be placed in service. To write off costs in 2015, the equipment […]

Taxable Income for Long-Term Construction Contracts

Jan. 22, 2015

How to determine Taxable Income for Long-Term Construction Contracts Taxable income from long-term contracts generally must be determined using the percentage of completion method. Under the percentage-of-completion method, gross income […]

Final tangible property regulations on deducting and capitalizing business expenses are here to stay!

Nov. 24, 2014

It’s time to face reality for repairs and improvements – final regulations on deducting and capitalizing business expenses are here to stay! As you may, the final tangible property regulations […]

Difficulties with accurate timekeeping? There’s an app for that!

Oct. 07, 2014

Many businesses have employees who work in the field on multiple projects, and the construction industry is no exception. While employees are working in the field, they can’t exactly punch […]

Limiting your liability with independent contractors

Sep. 04, 2014

One of the easiest ways for a business to limit liability is to use independent contractors instead of employees. Of course, merely calling employees “independent contractors” will not make those […]

Employer-owned life insurance policies and Form 8925

Aug. 20, 2014

Life insurance proceeds are generally excluded from the income of the beneficiary of the policy.  However, for life insurance policies issued after August 17, 2006, the proceeds of an employer-owned […]

Hey construction, engineering, and architecture firms! Remember that deduction!

Jul. 28, 2014

The Domestic Production Activities Deduction (DPAD) provides a deduction for many U.S. businesses that is allowed for both regular tax and alternative minimum tax (AMT) purposes. The DPAD is allowed […]