Tag: contractor

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 ›

In a perfect world, initial project estimates would match actual costs at the end of every job — with no hint of cost overruns or profit fade. But, let’s be honest, that hardly ever happens. Fortunately, there are ways contractors can tighten up estimates so they’re as close as possible to final job costs. Here are 10 to consider: 1. Leverage software and digital tools.  Be sure you’re using carefully chosen, up-to-date and construction-specific accounting software and digital tools to ensure accuracy and… Read more ›

Challenge A stonemasonry business encountered significant tax liabilities due to its use of the accrual method of accounting. Because the business was a C corporation and the 2017 Tax Cuts and Jobs Act offered opportunities for tax relief to organizations such as theirs, the owners reached out to CBM’s construction and real estate team for assistance. Solutions CBM’s team was familiar with the tenets of the Tax Cuts and Jobs Act due to having assisted several other businesses and advised… Read more ›

Let’s say you’re an electrical contractor. One of your employees bumps into an unoccupied scaffold on a construction site and destabilizes it. Which actions should you take to ensure the safety of workers and avoid liability? A. Move everyone out of the way when painters get on the scaffold. B. Fix the scaffold. C. Warn everyone who is at risk. D. Report the incident to the general contractor. If you answered C and D, you’re correct. Responsibility and liability on… Read more ›