Construction & Real Estate News

(GlobeSt.com) Fannie Mae downgrades 2021 GDP, home sales forecast. However, it did raise its expectations for a 2022 growth rate to 3.2% from 2.8%. Learn why.

(NAHB Now) Building material prices climbing at record year-to-date pace. Despite significant drops in framing lumber prices in recent months, overall building material prices have increased 19.4% during the past 12 months and 13% year to date, according to the latest Producer Price Index (PPI) report released by the Bureau of Labor Statistics. Prices paid for goods used in residential construction (excluding energy) rose 0.2% in July after climbing 3% in June (not seasonally adjusted). Building materials (inputs to residential construction less food and energy) prices have declined just twice since December 2019. Read more.

(NJ Business) SBA suspends ‘location rule’ in fed contracting program for small disadvantaged businesses. A moratorium has been placed on a rule requiring participants in SBA’s 8(a) Business Development Program to establish a “bona fide place of business” within a specific geographic area to be awarded a federal construction contract. Learn more.

 

(Reuters) U.S. new home sales creep up; supply, prices remain constraints. Single-family home sales increase 1.0% in July. Sales decline 27.2% on year-on-year basis and median house price surges 18.4% to $390,500 from year ago. Read more.

(Accounting Today) COVID and Wayfair keep changing the state tax landscape. The Wayfair decision brought major disruption to the world of state and local taxes, but the addition of the COVID-19 pandemic has acted to completely change the whole model of taxation for states and taxpayers. Learn why.

 

(Accounting Today) Top 10 sales and use tax audit triggers for 2021. States disagree on many things, but one thing they agree on are the activities businesses engage in, or things they fail to do, in meeting their sales and use tax obligations that are most likely to lead to a sales and use tax audit. Learn more.

(IRS.gov) Annual adjusted rate for Health Savings Accounts increases. For calendar year 2022, the annual limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,650 and for an individual with family coverage under a high deductible health plan is $7,300. Read more.

(Office of Governor Murphy) Treasury announces gas tax rate will decrease by 8.3 cents effective October 1. Learn why.

(The Tax Advisor) The current state of evolution of cryptoasset taxation. The IRS began sparingly providing tax guidance on cryptoasset reporting standards beginning in 2014 with Notice 2014-21. The notice applied the general tax principles for property to transactions involving cryptoasset or, as the IRS calls them, "virtual currency. Learn what you need to know.

(Delivering Happiness) The link between company culture & productivity. A recent study carried out by The Alternative Board found that an incredible 86% of those surveyed felt that company culture and in-house productivity are inextricably linked. Let us examine this relationship in greater detail. Learn more.

(Entrepreneur) The top HR priority in 2021 is attracting and retaining talent. The war for talent is heating up. The 2021 Gallagher Workforce Trends Report: People & Organizational Wellbeing Strategy provides a data-driven approach to total rewards, helping you attract and retain a competitive workforce and drive organizational success. According to Gallagher’s research, 62% of organizations expect increased revenue growth in 2021, and more than half expect increased headcount. Flexible workforce policies and practices will remain essential, including a strong focus on emotional wellbeing, because resiliency will continue to rely on agility in adapting to change. Read more.

 

(Reuters) Delta variant, supply woes crimp business activity in August -IHS Markit survey. U.S. business activity growth slowed for a third straight month in August as capacity constraints, supply shortages and the rapidly spreading Delta variant of the coronavirus weaken the momentum of the rebound from last year's pandemic-induced recession. Read more.

(Philadelphia Business Journal) Businesses are struggling to fill open jobs. Here's why some unemployed aren't interested. About 22% of unemployed workers are not even looking for a job, according to a new survey of unemployed workers by job hunting and resume improvement website Resume Builder. The biggest reason? About 31% are afraid of contracting Covid-19. Read more.

Feel free to contact any member of our team at (610) 828-1900 (PA) or (732) 341-3893 (NJ) with questions. Rich Higgins, CPA, managing principal – New Jersey office can be contacted at Richard.Higgins@McCarthy.CPA. I can be reached at Marty.McCarthy@McCarthy.CPA. As always, we are happy to help.