| Goodbye expensing, hello depreciation — Final IRS “repair regs” to arrive this year |
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In 2011, the IRS released its long-awaited “repair regulations” for businesses that acquire, produce or improve tangible property. These rules cover everything from overhauling plumbing and electrical systems to fixing ventilation systems, cracked foundations and leaky roofs. The regs are expected to be finalized this year. In the meantime, the temporary rules are optional until 2014, though subject to minor revision. This article looks at the rules as they stand, particularly in regard to expensing vs. depreciation. A sidebar discusses safe harbors.
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| Wrestling with the idea of a captive insurance program |
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Although eliminating the expense of insurance coverage isn’t a realistic option, contractors may be able to better control it by establishing a captive insurance program. This article explains how captive insurance works and the benefits — including tax advantages — that it can provide to some companies.
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| How to execute fast-track projects with flying colors |
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Compressed timelines and tight margins are no strangers to many construction markets. This article offers ways to not just survive a fast-track job, but execute it with flying colors. They include assembling the right team, choosing the right accounting and project management software, and negotiating the right contract.
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| Construction Success Story — Contractor electrifies efficiency with accounting software upgrade |
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This issue’s “Construction Success Story” looks at the case of a midsize construction company owner who was getting frustrated with her aging proprietary software system, which was incurring high maintenance and training costs. Worse yet, it wasn’t integrating well with her company’s other software. Her CPA advised her that a newer system could help her improve cash flow and do a better job of tracking labor and managing vehicles and other equipment. But he also counseled her on the process of choosing the right technology.
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