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 »

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 »

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 »

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 »

PPP Loan Forgiveness: Should I wait to apply?

Many organizations were fortunate to have received a much-needed financial lifeline earlier this year in the form of a Paycheck Protection Program (PPP) loan.  The PPP loan roll-out was a coordinated effort between the United States Small Business Administration (SBA) and participating financial lending institutions.  The PPP loan program skyrocketed in popularity as lawmakers included… Read more »

5 key points about bonus depreciation

1. Under current law, 100% bonus depreciation will be phased out in steps for property placed in service in calendar years 2023 through 2027. Thus, an 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, and a 0% rate will apply in 2027… Read more »

5 common accounting software mistakes to avoid

No company can afford to operate without the right accounting software. When considering whether to buy a new product or upgrade their current solutions, however, business owners often fall prey to some common mistakes. Here are five gaffes to avoid: 1. Relying on a generic solution. Some companies rush into buying an accounting system without stopping… Read more »

The IRS issues guidance on the executive action deferring payroll taxes

On August 28, the IRS issued guidance that provides some explanation of how employers can defer withholding and remitting an employee’s share of Social Security tax when wages are below a certain amount. The guidance in Notice 2020-65 was issued to implement President Trump’s executive action signed in early August. The guidance is brief, and… Read more »

An Update on the PPP

The Coronavirus Aid, Relief and Economic Security Act (CARES Act), which launched in April 2020, established the Paycheck Protection Program (PPP) to help employers cover payroll during the ongoing COVID-19 pandemic. Since the programs release employers and advisors (including YHB) have been tirelessly keeping up with the constant release of new guidance, including the introduction… Read more »