If you are a contractor, finding a CPA firm that specializes in the construction industry will save you money. Here is a checklist of things you should consider when selecting your accounting firm.
WATCH FOR THESE TRIGGERS: • Payments between Former Spouses • Property Transfers between Former Spouses • Child-Related Tax Benefits When a couple is considering separation or divorce, unfortunately not so rare these days, there are potentially significant tax consequences of both physical separation and the financial separation of divorce. Some items to consider are the tax effects of [...]
If you give someone money or property during your life, you may be subject to the federal gift tax. Most gifts are not subject to the gift tax, but the IRS has put together the following eight tips to help you determine if your gift is taxable.
Adjusting your income tax withholding. Tax tips from Glenn M. Gelman & Associates.
In 2011, there are some favorable tax rules in place that every business needs to be aware of and consider when making decisions to invest in capital expenditures and purchase property and equipment. The current tax law has provided an attractive window of opportunity for businesses to enjoy the current bonus depreciation and expensing rules for capital expenditures. This window of opportunity will be closing soon and the future is unpredictable.
A balance sheet and an income statement are part of a financial statement. This article explains these factors as well as explains assets, liabilitiies, equity and how to read between the lines of a financial statement. From Glenn M. Gelman & Associates, CPA, Southern California.
The success of a company depends on the quality of its leaders and the management team they put in place. Often times, owners of a business spend a great deal of time and resources to put a management team in place that is capable of driving profitability and competitiveness while instilling the right corporate culture [...]
Construction contractors can survive in a down economy. Strong communication between the Estimating and Accounting departments is a good place to start. Change order management is critical in maximizing revenue and profit. Scrutinizing internal controls and claims management are sure to improve the overall operation. Glenn M. Gelman & Associates in Santa Ana, California is a CPA firm specializing in the construction industry.
While there are many reasons contractors are more profitable than others, one significant area of differentiation is how change orders are originated, processed and followed up on within the organization.
Cash For Clients: How to Take Advantage of the R&D Tax Credits.
An often-overlooked source of tax savings is the research and development tax credit, which encourages U.S. businesses to invest in improvements that increase their competitive position in the market. In determining the credit, businesses must first determine their base amount of R&D expense. The base amount can be very complicated to calculate in that it covers several prior years’ R&D expenses.
