D&M Construction Industry Newsletter

September 2023

Shawn T. Layo CPA

Tax Law Changes and Considerations to Keep in Mind

As the owner of a construction business, it is important to consider how taxation on your profits will affect your net post-tax income. With many provisions in the Tax Cuts and Jobs Act (TCJA) set to expire by December 31, 2025, it is essential to be aware of the ones expiring as early as the 2022 and 2023 tax years. In this article, I will provide insights into the TCJA provisions that affect construction businesses and offer guidance on navigating them for optimal tax planning.

Strategic Tax-Planning Q&As for Construction Businesses

Most people, including construction business owners, feel a sense of relief when their taxes are filed. However, contractors need to make tax planning a year-round activity to maximize their tax savings. This article will provide seven essential questions and answers to consider.

Protect Your Construction Business With Careful Project Documentation

One of the most significant imperatives of running a construction business is carefully and thoroughly documenting all aspects of your work. Proper recordkeeping can be instrumental in protecting your business in the event of a legal dispute. This article provides some best practices you should consider if you haven’t implemented a proper documentation and retention policy.

Contractors, Keep an Eye on Where AI Is Headed

Artificial intelligence (AI) has been receiving plenty of press coverage lately, much of it negative. Like many technological innovations, AI is undoubtedly susceptible to abuse and is far from infallible. However, AI has the potential to transform the way contractors do business — both in the office and on the jobsite. That’s why forward-looking contractors should keep an eye on where it is and where it’s headed. In this article, we will outline five ways AI can help the construction industry.

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. You will also receive valuable year-end strategies to help you lighten your tax burden and better achieve your financial objectives. CPE credits are available for attendees.

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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

200 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.