Insights: Construction
West Virginia Division of Highways Revises Contractor Prequalification Application
The WVDOH is revising its Contractor Prequalification Application as of January 1, 2022. If you were prequalified in 2021, you should have received a letter identifying the items/categories of work you were qualified to perform from the WVDOH. Your 2021 pre-qual will be effective for 2 years and then you will need to complete the…
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Capital Gains in the Construction Industry
By Bart Scott, CPA, CVA, MBA Tax Director and Construction Practice Member There has been so much discussion in the media about capital gains lately, we thought it would be good to revisit some of the basic concepts. Congress is currently in the process of drafting proposals for changes to the tax code. The most…
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What Sureties and Bonding Agents Look For In a Contractor’s Financial Statements
Danny Shobe, CPA, CCIFP Member, Charleston Office As you look to enter a New Year after celebrating another Christmas and New Year’s holiday season, most of you are shifting your focus to closing out the books for your business including the preparation of the year-end financial statements and tax returns. Obviously this can be a…
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Recruiting in Today’s Environment
Important Elements to Keep in Mind During Crisis Recruiting and Hiring By Chris Lambert, CPA, CGMA, CCIFP Originally published in the May/June edition of “West Virginia Construction News” by CAWV Business owners know that from time to time, a crisis will present itself in some form. You can’t really be operational and not have various…
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Why You Need to Know the Value of Your Business
According to The Exit Planning Institute (EPI), a national educator for those who specialize in helping business owners sell or transition their businesses, an estimated 4.5 million businesses representing more than $10 trillion in value will transition over the next decade or so. Of those 4.5 million businesses, only 20% to 30% of them that…
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The tax implications if your business engages in environmental cleanup
If your company faces the need to “re-mediate” or clean up environmental contamination, the money you spend can be deductible on your tax return as ordinary and necessary business expenses. Of course, you want to claim the maximum immediate income tax benefits possible for the expenses you incur. These expenses may include the actual cleanup…
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FASB Delays Effective Date for Accounting Standards
In July 2019, the Financial Accounting Standards Board (FASB) unanimously approved to propose delaying the effective date for a number of significant accounting standards for private companies and nonprofit organizations. Included in these proposed changes is Accounting Standards Update (ASU) No. 2016-02, Leases, 2016-13 Credit Losses and 2017-12 Hedging. FASB began considering the delays in response to…
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Fraud in the Construction Industry
Do you consider your construction company too small to being susceptible to fraud? According to the Association of Certified Fraud Examiners (ACFE) Report to the Nations, 2018 Global Study on Occupational Fraud and Abuse, the median loss per fraud scheme in the construction industry was $227,000. For most companies, a loss of this size can be…
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Accelerate depreciation deductions with a cost segregation study
Is your business depreciating over a 30-year period the entire cost of constructing the building that houses your operation? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing taxes and boosting cash flow. And under current law, the potential benefits of a…
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For best results, start your strategic planning early
Time flies when you’re having fun — and running a business. Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s certainly not too early for business owners to start doing some strategic planning for next year. Here are some ways to get started. Begin with your financials…
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