March 2024

SECURE 2.0 Roth Catch-Up Contribution Rule

The SECURE 2.0 Act, enacted in December 2022, brought significant changes to retirement plans. One of the most notable changes is the catch-up contribution provision, which includes a new Roth catch-up contribution rule. This article reviews the details you need to know surrounding the Roth catch-up contribution rule. It also explores the two-year transition period provided by the IRS in Notice 2023-62, as well as the next steps as we look ahead.

An Overview of the Percentage of Completion Accounting Method for Construction Businesses

When working on long-term projects, many construction businesses often find it challenging to accurately align incoming revenue with expenses they need to pay out. This is where the percentage of completion method of accounting often can be a useful option. This article discusses this popular accounting method and when it is best to use it.

Six Ways Construction Companies Can Strengthen Cybersecurity

It is a common misconception among some cont ractors that hackers do not target smaller construction businesses, but the reality is quite the opposite. With limited IT resources and defenses, these companies are at a higher risk of cyber threats. To help fortify your defenses, this article provides six essential ways to enhance your cybersecurity measures.

Take Your Financial Statements to the Next Level

Spring is the time of year that calendar-year-end businesses issue financial statements and prepare tax returns. This year, take your financial data beyond compliance by proactively adapting to the dynamic marketplace. This article delves into how financial statements can serve as powerful tools for strategic decision-making, enabling businesses to anticipate changes, seize opportunities and stay ahead of the curve.

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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 maintain active involvement with our construction clients and the many organizations affecting their businesses. We stand out from our competition by conducting one-on-one, year-end planning meetings to review your operations and plan for income taxes, banking and bonding concerns. Our comprehensive familiarity with all aspects of construction allows us to help you in business planning and long-term goals, while also resolving your daily operational needs to maximize cash flow.

OFFICE LOCATIONS:

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

213 North Street, Suite 101, Auburn, NY 13021

200 Harborside Drive, Suite 201, Schenectady, NY 12305

220 Stage Road, Vestal, NY 13850

3001 N. Rocky Point Drive, Suite 214, Tampa, FL 33607

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