Update 3/25/25: On March 21st, FinCEN issued interim guidance for US business owners regarding BOI filing requirements. This guidance removed...
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Business
02/03/2025
Form 8697 & the Look-Back Method for Construction Contractors
Now that we’ve covered the basics of the percentage of completion method (PCM), it’s time to explore IRS Form 8697,...
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Business
01/07/2025
Back to Basics: The Percentage of Completion Method of Accounting for Contractors
If you are in the construction industry or read our prior article on Methods of Accounting for Construction Contractors, chances...
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Business
11/15/2024
Retirement Plan Audit vs. Retirement Plan Checkup
The Department of Labor (DOL) requires that retirement plans (401K, 403b, ESOP plans etc.) with 100 or more participants with...
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Business
11/14/2024
IRS TIN Matching Service Can Save You Time & Money
The IRS requires payors who remit payments to vendors (ex. self-employed contractors) to obtain a name and tax ID number...
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Business
11/14/2024
IRS Implements Changes to Increase Accuracy of 1099 Filings
For years the IRS focused on the accuracy of W-2s in reporting income. Employers were required to have an employee...
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Business
11/04/2024
Sales and Use Tax Basics for Construction Contractors in WI
The construction industry in Wisconsin is comprised of a wide variety of businesses. Commercial general contractors, specialty subcontractors in multiple...
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Business
10/14/2024
4 Reasons You’re Not Reaching the Right Candidates
Are you trying to hire, but continue to get either unqualified or irrelevant resumes? It’s so frustrating, and it’s easy...
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Business
08/22/2024
Voluntary Disclosure Program: IRS Provides Last Chance to Payback Improper ERC claims filed for 2021
On August 15, 2024, in Announcement 2024-212, the IRS provided a limited re-opening of the second round of a Voluntary...
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Business
02/13/2024
Financial Statements for Construction Contractors
A construction business often needs or wants year-end financial statements prepared by an outside CPA firm. There are a few...
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Construction & Real Estate
01/26/2024
Construction Contractors Methods of Accounting for Income Tax Purposes
Like so many areas of the tax code, the rules for construction accounting can be difficult to navigate. The starting...
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Construction & Real Estate
02/07/2019
A Primer on Depreciation Breaks for Commercial Real Estate
Commercial buildings and improvements are generally depreciated over 39 years. Depreciation means that you can deduct a portion of the...
