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Many Contractors Remain Unaware of the Refundable Tax Credit for Employee Retention

ISTOCK.COM/GGUY44 By Bobbi Hayes and Larry May In March of 2020, Congress passed the CARES Act to provide businesses and individuals with various forms of financial relief to help them withstand the COVID-19 pandemic. For businesses, the CARES Act became almost synonymous with the Paycheck Protection Program (PPP) loan program. Many construction companies applied for and received PPP loans last ...

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Revenue Recognition, One Year Later After Release

ISTOCK.COM/SALVADORCELIS By James Miller and James Wiedemann When the new revenue recognition rules (Topic 606) were released, every industry scrambled to determine the impact they would have on their day-to-day activities. The construction industry reviewed the language and noticed that the terminology brought other industries closer to the percentage-of-completion model already being utilized and took a collective breath. However, upon ...

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How Contractors Can Avoid 10 Common Exit Planning Mistakes

ISTOCK.COM/SYAHRIR MAULANA By David Jean Exiting your business requires long-term, comprehensive planning, whether you plan to pass your company to family members, sell your interest to a partner, or sell the company to an employee group or outside buyer. As with any major planning endeavor, the path to a successful exit can present you with some roadblocks along the way. ...

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The Biden Administration’s First 100 Days: Impacts on Government Construction Contractors

ISTOCK.COM/GGUY44 By Lori Ann Lange Changes related to the COVID-19 crisis and the construction and surety industries are still occurring; some data in this article may have changed from the time of article submission and the publication date. With each new presidential administration, there are changes in policies as well as new laws and regulations that can impact government construction ...

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New Standard Operating Procedure for the SBA Preferred Surety Bond Program Streamlines Opportunities for Producers and Surety Companies

NASBP’s commitment to creating opportunities for producer and affiliate members is all about creating win-win scenarios in the economy as a whole. Nowhere is that better illustrated than in the Association’s partnership with the U.S. Small Business Administration’s Office of Surety Guarantees (OSG), led by Peter Gibbs. Peter C. Gibbs, Director of the U.S. SBA Office of Surety Guarantees That’s ...

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Design Professionals as Payment Bond Claimants?

ISTOCK.COM/GORODENKOFF By Mike F. Pipkin and Jadyn Cleveland Changes related to the COVID-19 crisis and the construction and surety industries are still occurring; some data in this article may have changed from the time of article submission and the publication date. General contractors run into financial difficulties or outright fail for a myriad of reasons. Regardless of the explanation, a ...

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PPP and the Rollercoaster Ride of Changes

ISTOCK.COM/SIHASAKPRACHUM By James Miller and James WiedemannChanges related to the COVID-19 crisis and the construction and surety industries are still occurring; some data in this article may have changed from the time of article submission and the publication date. The day was Wednesday, March 11, 2020, as we sat with our audit team at a restaurant in Boston, Massachusetts. Across ...

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“Too Much Notice” of a Payment Bond Claim May Be No Notice at All Under the Miller Act

ISTOCK.COM/OLIVIER LE MOAL By Brian Padove Changes related to the COVID-19 crisis and the construction and surety industries are still occurring; some data in this article may have changed from the time of article submission and the publication date. A good rule of thumb is generally always to be proactive rather than reactive. Whether it is “measuring twice and cutting ...

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Rhode Island Superior Court Discharges Surety Due to Obligee’s Failure to Comply with Conditions Precedent in A312 Performance Bond

ISTOCK.COM/MARYANA SERDYNSKA By CharCretia V. Di Bartolo Changes related to the COVID-19 crisis and the construction and surety industries are still occurring; some data in this article may have changed from the time of article submission and the publication date. On June 30, 2020, the Rhode Island Superior Court issued a decision, Providence Builders, LLC v. Costa Brothers Masonry, Inc. ...

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Accounting Method Planning Can Help Increase Cash Flow

ISTOCK.COM/VISUAL GENERATION By Richard Higgins of McCarthy & Company, PC Changes related to the COVID-19 crisis and the construction and surety industries are still occurring; some data in this article may have changed from the time of article submission and the publication date. The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes tax provisions to help businesses preserve and ...

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