Reimburse Disaster Related Expenses – Tax Free!

While Congress has enacted several new tax law changes to help with the US combat COVID-19’s economic effects, a prior tax law enacted shortly after 9/11 has been a boon for companies. Under IRC 139, businesses can deduct expenses paid to employees for qualified disaster relief payments. The main expenses that qualify are reasonable and… Read more »

Construction Contracts: Special Tax Rules

The IRS has rules for everything — construction contracts included. Those in the construction industry would do well to review guidance and make sure they’re in full compliance, and understand that they have choices in how they address the requirements. To start with, you have to choose an accounting method for your construction business. Your… Read more »

What do the 2021 cost-of-living adjustment numbers mean for you?

The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning. Also, keep in mind that, under the Tax… Read more »

Year-end tax planning strategies must take business turbulence into account

Election years often lead to uncertainty for businesses, but 2020 surely takes the cake when it comes to unpredictability. Amid the chaos of the COVID-19 pandemic, the resulting economic downturn and civil unrest, businesses are on their yearly search for ways to minimize their tax bills — and realizing that some of the typical approaches… Read more »

PPP Loan Forgiveness Process Eased For Borrowers of $50,000 or Less

On October 8th, 2020 the U.S. Small Business Administration (SBA) released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. The SBA is hoping this simpler forgiveness process will help the countries smallest businesses who were impacted by COVID-19 by removing some of the red tape around forgiveness. The… Read more »

Four Managers Promoted to Principal Across Virginia

The shareholders of YHB have voted to admit Kirstine Connors, Dorrie Franzello-Kurtz, Andrew Boyles and Derek McCarty to Principal effective October 1, 2020. “This is one of YHB’s largest classes to be promoted to Principal at one time,” says Scott Moulden, Managing Partner of YHB. “They are an experienced group of leaders that represent a… Read more »

Compare and contrast: How do the Republican and Democratic tax plans differ?

With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences, President Donald Trump and former Vice President Joe Biden have widely divergent tax proposals. Their stances could have a… Read more »

YHB Expands Falls Church Office Talent with Krystal McCants

Winchester, VA (September 23, 2020) — The shareholders of Yount, Hyde and Barbour (YHB) have voted to admit Krystal McCants as a principal effective September 8, 2020. “Krystal brings a unique experience and expertise to our Falls Church office that everyone is excited about,” says Scott Moulden, Managing Partner of YHB. “Beyond her technical ability,… Read more »

So You’re Trying to Come to Terms With Bonding Issues

The phrase “payment and performance bonds required” often signals a dead end for contractors who’d like to bid on public work or large private projects, but who are inexperienced in the bonding world. The bonding process, however, doesn’t have to be mysterious. Consider the following: The most common types of construction bonds are performance and… Read more »

Trying to Manage Seasonal Construction Budgets

Construction is a profitable industry, but there is one major challenge. If you’re in an area that’s blanketed with cold and snow in the winter, you may have significant periods of downtime for your business. Depending on where you live, you and your workers have to plan efficiently to ensure that you’re not coming up… Read more »