2021 Spring Issue

Highlights:

Tax planning – Don’t forget about the CAA
The Consolidated Appropriations Act was signed into law on December 27, 2020, providing relief to individuals and businesses affected by the COVID-19 pandemic. In addition to reducing 2020 tax bills, the act provides several tax benefits for 2021. This article covers highlights that contractors should know about. A sidebar notes that expenses paid with Paycheck Protection Program loan proceeds are deductible.

Is your buy-sell agreement up to date?
A buy-sell agreement is a critical tool for owners of closely held construction companies. To be effective, however, construction business owners need to review it periodically and, if necessary, modify its language to reflect changing circumstances. This article explores the importance of scrutinizing the valuation provision, which establishes the purchase price for a departing owner’s shares.

Vetting subcontractors is more important than ever
General contractors must work hard to recover from project shutdowns/slowdowns caused by the pandemic and capitalize on what could be a stronger economy ahead. In this environment, vetting subcontractors for quality work and financial stability is more important than ever. This article reviews some basic tenets of prequalification.

CRM systems offer intriguing benefits
Customer relationship management (CRM) systems offer many benefits to businesses, including stronger customer relations, service, and retention. This article explains how CRM systems may be most valuable to construction companies in managing the business development process and focusing a company’s limited resources on winnable, profitable projects.