2023 Winter Issue
Here’s a brief overview at what you’ll find in our Winter issue…
Business Interest Expense: How Much Can You Deduct?
If there’s one thing that every construction company owner enjoys, it’s a healthy tax deduction. However, the Tax Cuts and Jobs Act set forth a limitation on deductions of business interest expense. This article explains how small businesses can qualify for an exemption, how the limitation is calculated and how some companies can opt out of the limitation altogether. A sidebar looks at how a construction company could end up defined as a “tax shelter.”
Succession Planning is a Journey of Many Steps
Many construction businesses feature an owner who’s generally well known and liked by employees, customers, vendors, investors, and advisors. This is great, but what happens when this individual is ready to retire or is otherwise compelled to step down? That’s where a succession plan comes in. This article discusses some of the general concepts of succession planning.
The Essentials of a Subcontractor Prequalification Process
General contractors are masters of logistics and coordination. But the success of most projects depends on one or more reliable subcontractors to get certain tasks done and done right. This article describes some of the essentials of a formal process for thoroughly vetting subcontractors so general contractors can rest assured that their jobs will be in good hands when the time comes.
Prepare for Stricter Cybersecurity on DoD Contracts
Winning a U.S. Department of Defense (DoD) contract can mean a substantial revenue boost for a construction company. But any entity that works on a DoD job will soon have to comply with the Cybersecurity Maturity Model Certification program. This article outlines the program and discusses why contractors should consider a cybersecurity assessment regardless of whether they plan to bid on a DoD contract.