D&M Construction Industry Newsletter

October 2023

Joseph A. Hardick

CPA, CCIFP

Tax Partner

Featured Article From Our Experts

Knowing Your Financing Options for Purchasing Construction Equipment

As a construction business owner, you know how crucial it is to have the right equipment to complete your projects efficiently and effectively. However, purchasing new equipment can be a considerable investment, which makes it essential to explore your financing options. In this article, I will review the different financing options for construction equipment to help you make an informed decision that best suits your needs.

Upgrading Financial Statements to a Classified Balance Sheet

A company’s financial statements are typically divided into three major parts: the balance sheet, the income statement, and the statement of cash flows. For a construction business, upgrading from a conventional balance sheet to a classified balance sheet can be one way to improve its financial reporting. This article will explain why implementing a classified balance sheet can enhance the transparency of your company.

What Construction Businesses With Inventory Should Know About Section 263A

Does your construction company carry inventory? If so, you may be required to comply with Section 263A of the Internal Revenue Code. Also referred to as uniform capitalization or UNICAP, Sec. 263A requires eligible businesses to capitalize, rather than currently deduct, certain direct and indirect costs related to producing, acquiring, improving and holding property to sell. In this article, we provide an overview of the code so you can avoid unexpected tax issues.

What Contractors Need To Know About Bonding Capacity

Contractors are urged to manage their financials carefully to preserve and even increase their bonding capacities. However, at times, construction company owners lose sight of what really goes into bonding capacity. In this article, we will explore the three Cs of bonding and suggest some ways to boost capacity.

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. Our keynote speakers are Joseph Nehme, Micron Technology, and Guy Hart Jr., Hart Lyman Companies. 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.

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.