September 2022
New York State Sales Tax for Contractors

While you may be inclined to focus on federal and state income taxes, be sure to not overlook the complexity of New York State's tax. Understanding what is and what is not taxable in the construction industry can be confusing. In this article, I will explain what is vs. what is not a taxable service, and provide additional guidance to help you and your business get the most out of your return.
Reviewing Revenue Recognition For Construction Companies
While many businesses handle sales in a single transaction, construction contracts often cover months or even years and include multiple payments. The proper handling of revenue recognition is critical for construction companies. In this article, we will do a quick review of the three most used methods of revenue recognition in the construction industry.
Could the Work Opportunity Tax Credit Help Your Construction Company?
Sometimes an owner’s actions during a construction project may disrupt a contractor’s job progress. In some cases, the contractor may be able to recover damages for additional expenses incurred because of the disruption. However, as this article explains, proving the amount of such disruption damages isn’t easy.
Key Tips for Preventing Profit Fade 
Profit fade can be a serious problem for construction companies. As the name suggests, profit fade simply means a decline in expected gross profits over the course of a project. This article suggests ways to avoid this costly issue, including monitoring work in progress and building in contract protections.
Check us out on social media!


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