Posts by Katie Renelt
Navigating the IRS Backlog
The start of a new tax filing season often brings with it longer hold times with the IRS, as taxpayers and their tax preparers inundate phone lines with questions and concerns. But the 2022 filing season promises to be particularly challenging. The IRS continues to work through a backlog of millions of paper-filed returns and…
Read More3 Ways to Protect Your Business from Fraud and Scams
Business owners spend a lot of time and effort ensuring their operations run smoothly, from delivering quality goods and services to providing accurate financial statements and tax returns. Yet one scammer going after your company can bring it all down, harming your reputation and your revenue. One of the best ways to protect your business…
Read MoreHow to shore up your financial reporting to get ready for IIJA-funded jobs
Since the passage of the $1.2 trillion federal Infrastructure Investment and Jobs Act (IIJA) in November 2021, construction companies have been scrambling to prepare for a tidal wave of IIJA work. But what will companies need to know about financial reporting when jobs are let under the new legislation? The IIJA includes several provisions for…
Read MoreKPIs to Keep Your Business Profitable
Many businesses develop a list of key performance indicators (KPIs) to track profitability and spot issues before they become full-blown problems. Monitoring KPIs is essential because they allow you to keep tabs on what’s happening at the moment and be proactive in running your business, unlike annual financial statements that show you what happened in…
Read MoreHow “Build Back Better” tax changes could affect attorneys
The proposed Build Back Better Act could increase federal revenues by roughly $1.7 trillion to fund social investments, including health care, education, and childcare over the next decade. To pay for these programs, the Build Back Better plan proposes various tax adjustments, several of which could directly affect law firms, attorneys, and their clients. Understanding…
Read MoreClosing security gaps can help construction firms fend off cybercriminals
Modern construction companies have come to depend more on digital resources to get projects built. But a risk of cyberattacks comes with these technological advances. Even though the construction industry traditionally has relied more on brick and mortar than networks and data, it’s no less vulnerable to hackers than other business sectors. In fact, construction…
Read MoreDon’t forget about the Work Opportunity Tax Credit
Note: Congress is considering proposals that could expand the Work Opportunity Tax Credit for certain qualified groups. We will monitor this development and communicate updates as necessary. As a business, tax planning can help create increased cash flow that allows management to expand, increase wages, bring in new inventory, and achieve other goals that require…
Read MoreCareful accounting is key to managing change orders and protecting profits
In construction, change is constant. On average, more than one-third of projects will have at least one major change along the way, according to a study of more than 12,000 projects by the Independent Project Analysis group. Although change orders can be a hassle when it comes to a project’s budget and schedule, properly accounting…
Read MoreDo You Have a Nanny or Household Employee? Make Sure You’re Up-to-Date on Tax Requirements
The COVID-19 pandemic caused many families to rethink their child care situation. Nannies became a popular choice for many, as they decreased the risk of sending children to child care centers and provided the benefit of helping those same children through online schooling while their parents worked. As the pandemic has ebbed and flowed, nannies have remained a popular option. Many families, however, were unprepared with how to transition to a household employer. As a household employer, you’re responsible for paying your employee’s…
Read MoreRemote workers could create additional taxes for your business
Has your company switched to a remote work or hybrid environment for employees? Government mandates and other health-related concerns at the beginning of the COVID-19 pandemic, caused much of the workforce to transition from an office setting to a remote or hybrid work environment. As the pandemic stretched on and companies extended their remote work options, many employees started spreading out to…
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