D&M Construction Industry Newsletter

April 2023

Changes to IRS Form 5500 May Impact Your Employee Benefit Plan's Audit Requirement

Recently released changes made by the U.S. Department of Labor (DOL), Internal Revenue Service and the Pension Benefit Guaranty Corporation (PBGC) to the 2023 IRS Form 5500 and its instructions will impact the audit requirement for many small plan sponsors. In this article, I will explain what the changes are and how this may impact your employee benefit plan's audit requirement.

Ways Your Construction Company Can Avoid Accounting Mistakes

One of the best ways to run a profitable construction business is to follow sound accounting practices. Financial reporting mistakes can be costly, potentially leading to budget overruns, cash shortfalls, delayed projects, unpaid bills and underfunded payroll. In this article, we will provide 11 tips for avoiding accounting errors.

An Insurance Policy Glossary for Construction Business Owners

For construction businesses, insurance needs can change as your business grows or needs change. The cost of insurance can be high but the cost of going without it can be so much worse. In this article, we review some important types of coverage and some key policy types to be aware of.

Check Your Company's Vital Signs With KPIs

Even a well-functioning construction business can benefit from regular KPI-based checkups. If a measurement is outside of the norm, you will want to address it right away. This article explains the ratios businesses should use to monitor financial health and equipment maintenance.

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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.

OFFICE LOCATIONS:

DM Financial Plaza, 221 South Warren Street, Syracuse, NY 13202

213 North Street #1, Auburn, NY 13021

220 Harborside Drive, Suite 201, Schenectady, NY 12305

220 Stage Road, Vestal, NY 13850

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