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Category: Contractors/sub-contractors

December 28, 2019

Affordable Care Act Compliance: IRS Forms and Important Due Dates

CBM has published guidance for businesses that receive a notice from the IRS (Letter 226J) relating to penalties associated with compliance with the Affordable Care Act. Click here to read our guidance. Please also keep in mind the important deadlines below. Don’t Miss Early 2020 Due Dates February 28, 2020 – Paper copies of Forms 1094-C and 1095-C must be filed with the IRS by this date. Employers with less than 250 employees can paper file. March 2, 2020 –… Read more ›

December 28, 2019

Affordable Care Act Compliance: What Do I Do If I Get IRS Letter 226J?

The IRS is currently issuing the Letter 226J proposed employer-shared responsibility payment (ESRP) notice to businesses they suspect of having not complied with the 2017 tax-year Affordable Care Act requirements. The Letter identifies the amount of the proposed penalty that the business would be responsible for paying— an amount which can be steep. CBM has seen penalty amounts ranging from $3,160 to over a million dollars. CBM advises businesses that receive such a letter to respond promptly, especially since Letter… Read more ›

September 24, 2018

4 Reasons Your Contracting or Subcontracting Business Should Consider Working with an Outsourced Accounting Team

To ensure success, contracting and subcontracting companies need accounting professionals responsible for managing cash flow, budgeting, bank reconciliation, payroll, financial reporting, and other accounting functions. For many small and medium companies, the workload may not require full-time staffing or competent professionals may be too expensive. An alternative to hiring in-house staff is to outsource all or a portion of the accounting department, which offers a variety of benefits you may not even have considered. Here are some of the top… Read more ›

August 21, 2018

Job Cost Accounting: Seven Tips to Make It Easier

Job costs are the lifeblood of your construction business… and accurately estimating them will determine if a project will make money. Managing job costs across the life of the project will ensure that your firm makes money on every job. Moreover, those job-by-job profits make the office and your executive salary possible. Despite this, some CFOs don’t take job costs seriously. Some see tracking those costs as more trouble than it is worth, while others think that the costs are… Read more ›

July 17, 2018

Theft-Proof Your Construction Site

Construction site theft is an expensive, growing concern. Costs rise as contractors lose building materials, tools and equipment and liability insurance premiums rise. Often those losses are passed on to customers. Double Check Subcontractors by Asking if They: Have a theft prevention policy. Conduct background checks on employees. Restrict access to storage. Understand procedures for securing materials and equipment at the end of the day. Sites are especially vulnerable to theft, both by on-site workers and by criminals who recognize… Read more ›

November 17, 2016

Being “Green” Is Becoming Increasingly Status Quo

Call it Green or call it sustainable, whatever term you choose, it identifies a building movement that appears to have become mainstream. This environmentally friendly way to construct involves the architects, engineers, designers and contractors — everyone who has a say in the life cycle of a skyscraper, a home or a renovation. This article looks at technologies used to make buildings sustainable and environmentally friendly.

October 27, 2016

Buy America Rules May Be Harsh on Federal Construction Contractors

Major federal laws and regulations generally require federal government contractors to source materials in America. This basically means that U.S. government purchases must meet certain standards, such as a percentage of items used in production must be made in the United States. While this is a boon for some manufacturers and suppliers, it may hurt the bottom line of construction companies. This article looks at the issue.

September 22, 2016

Protect Your Construction Company from Cyber Risks

A classic depiction of a contractor might show someone surveying the worksite with a hard hat and a set of blueprints. These days, the hard hat’s still there but the contractor is just as likely to be carrying a tablet. And that tablet, while efficient, may open the door for new threats to your projects and business. Recent reports from cyber security specialists at Symantec and Verizon indicate that nearly a million malware threats are released every day. That’s well… Read more ›

July 21, 2016

Seven PATH Act Tax Breaks for Contractors

Late in 2015, new legislation made some significant changes to the tax code. Included in the PATH Act are several incentives that will have a major affect on construction companies, such as the increased Section 179 expensing limits, the extension of bonus depreciation and the now permanent special treatment for qualified leasehold improvements. Here’s a rundown of seven of the modifications.

June 23, 2016

Bullying: A Growing Problem in the Construction Industry

Bullying is getting more notice in the construction industry but research indicates that it needs much more attention. Bullying can create a hostile work environment and interfere with work getting done, which can hurt your firm’s bottom line of course. This article explains what bullying is, what forms it can take, some of its causes and steps your company and employees can take to fight it.