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Category: Commercial Real Estate

May 7, 2024

The Nuts and Bolts of Money Management for Construction Companies

For construction businesses, financial management is notoriously complex. Contractors have to deal with the ebbs and flows of their respective markets, project-based pricing and collections, rising operating costs and various other factors — not the least of which is bad weather! Yet effective financial management is essential for a company to thrive. Here are some ways an owner can better manage their money. Follow Strong Billing Procedures Healthy cash flow — one of the most important aspects of financial management… Read more ›

May 7, 2024

Accounting for Real Estate Projects: Financial Reporting and Analysis

Real estate development projects shape the urban landscape, providing housing, commercial spaces and infrastructure for the community. These projects involve substantial investments and require intricate financial arrangements and regulatory compliance to complete. Stakeholders rely on detailed financial reporting to assess the health and performance of their projects. Given the high stakes and ever changing flow of business in the real estate industry, financial reporting is a necessity. But what does financial reporting look like for a real estate venture? Project… Read more ›

March 6, 2024

Corporate Transparency Act Ruled Unconstitutional by Federal District Court

On March 1, 2024, the U.S. District Court for the Northern District of Alabama ruled that the Corporate Transparency Act (CTA) was unconstitutional. In response to this ruling, the Financial Crimes Enforcement Network (FinCEN) has indicated that it will comply with the ruling for as long as it remains in effect, and that this ruling only applies to the plaintiffs in the case.  Since this ruling is limited to the plaintiffs in the case, other reporting companies should continue to comply… Read more ›

February 28, 2024

Independent Contractor vs. Employee Status: The DOL Issues New Final Rule

The U.S. Department of Labor’s (DOL’s) test for determining whether a worker should be classified as an independent contractor or an employee for purposes of the federal Fair Labor Standards Act (FLSA) has been revised several times over the past decade. Now, the DOL is implementing a new final rule rescinding the employer-friendly test that was developed under the Trump administration. The new, more employee-friendly rule takes effect March 11, 2024. Role of the New Final Rule Even though the DOL’s final… Read more ›

February 2, 2023

How to Hold a Successful Project Closeout Meeting

They say hindsight is 20/20. You can take advantage of that hindsight by holding regular project closeout meetings to find nuggets of truth about how the project went and learn from them. Not every project makes money for your firm. You can find ways to improve project and accounting management if you set a tone of openness to genuine feedback that will filter down to your project managers and other key employees. Here are some guidelines for success in this… Read more ›

December 12, 2022

Make Tax Friends with PALs

Losses can be used, within certain limits, to offset other highly-taxed income, such as salary from a job. However, in general, losses from “passive” activities can only be used to offset income from other passive activities. Any excess passive loss is suspended and must be carried forward to future years. The tax law generally defines a passive activity as a trade or business in which you don’t “materially participate.” The IRS has established various tests for determining whether someone qualifies… Read more ›

September 26, 2022

Taking a Page Out of History and Collecting a Valuable Tax Break

Have you always wanted to buy rental property and become a landlord? As you can imagine, putting up with some tenants can be a pain in the neck. But the discomfort can be eased by the valuable tax breaks available to rental property owners. In fact, favorable tax laws are one big reason why so many fortunes have been made in real estate. Another big reason is that leveraging real estate investments with mortgages can multiply profits. But for purposes… Read more ›

August 25, 2022

Tax Consequences of Barter Agreements

“I’ll do your family’s dental work for free if you build a deck onto my house.” If you’re in the construction industry, you’ve probably received an offer like this or made a similar offer to someone else in a different line of business. It’s a modern variation of the age-old practice of barter. What makes it especially intriguing in this day and age is the idea that you can exchange services or products with someone without exchanging money. Keep in… Read more ›

August 25, 2022

Investigate Zoning Laws Before Committing to a Location

Location, location, location. You know how important it is for your business. So when choosing a location, you probably research foot traffic, car traffic and the occupancy rates of the neighboring buildings. But if you don’t research zoning laws, all your good business judgment could go to waste. Before you sign a lease or buy a commercial property, make sure you can legally house the business you want to run in that location. Otherwise, make sure your lease or contract… Read more ›

July 21, 2022

Making Buildings Accessible to the Disabled

If you’re entering into a commercial lease as a landlord or as a tenant, make sure the space is in compliance with public accommodation laws. Otherwise, you could find yourself paying a fortune in structural and design changes. Fortunately, there are tax breaks available to businesses that make building alterations to comply with the federal Americans with Disabilities Act (ADA). The law requires that disabled people have equal, or similar, access provided to the general public if any of the… Read more ›