September 2022
Has Your Company Elected Into the New York State Pass-Through Entity Tax? Additional Election Benefits to Consider for 2022

The New York State pass-through entity tax (PTET) is an optional tax that partnerships or New York S corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2022. With the passing of the New York State 2022-2023 Budget Bill, additional benefits were created for entities electing to participate. In this article, I will review the details of the PTET, the added benefits for 2022 and the extended deadline for businesses to make the election.

New Lease Accounting Standard Is Here
(For Real This Time)
Although its implementation has been long delayed, a new accounting standard applicable to leases under the Generally Accepted Accounting Principles, or GAAP, is now in effect. The changes could affect the financial ratios that lenders and sureties use to evaluate a construction company. This article explores the details of the new lease accounting standard.
Could the Work Opportunity Tax Credit Help Your Construction Company?
The construction industry has long faced a labor shortage. One way to tackle the challenge: expand your hiring pool to, in part, be able to claim the Work Opportunity Tax Credit (WOTC). This is an important tax break that can lower your construction company’s tax bill dollar-for-dollar. This article provides an overview of how it works.
Give Your Construction Company’s Bonding Capacity a Solid Foundation
A high bonding capacity is a strategic objective of many construction businesses. And building that kind of lofty capacity takes a solid foundation. In this article, we will discuss a few of the many details that sureties commonly investigate that you can focus on to increase your bonding capacity.
Register for our Annual Tax & Financial Planning Conference on November 10, 2022!

Join us for our Annual Tax & Financial Planning Conference. This conference is designed to bring you up to date on recent tax, accounting and financial updates and provide key year-end strategies to help you lighten your tax burden and better achieve your financial objectives. The conference will be held in person, and CPE credit will be offered.
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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. We are highly respected among construction leaders, and we are actively involved with our construction clients and the many organizations affecting their businesses. We go beyond our competition by conducting one-on-one, year-end planning meetings to review your operations and plan for income taxes, banking and bonding concerns. Because of our comprehensive familiarity with all aspects of construction, we’re able to assist you in business planning and long-term goals, all while resolving your daily operational needs to maximize cash flow.

To learn more about Dannible & McKee, visit us at: www.dmcpas.com