Follow Construction Accounting Best Practices to Organize Your Financial Statements

Every organization must keep financial statements: a balance sheet, income statement and statement of cash flow. A balance sheet discloses assets and liabilities while an income statement reveals how profitable an organization is. A statement of cash flow traces the sources of cash as well as how it is used. All three financial statements contain Read More

How the Millennial Generation’s Work Ethic Is Changing the Work Environment

Grouping generations of Americans is a loose practice; there are no hard boundaries or cutoff years. The basic range is about 20 years, and the Millennial generation loosely includes those born between 1980 and 2000. With such drastic technological advances being made every day and digital communication being so commonplace, Millennials have become accustomed to Read More

2017 Tax Reform: IRS Clarifies Interest on Home Equity Loans Often Still Deductible

IR 2018-32 In an Information Release, IRS has announced that in many cases, taxpayers can continue to deduct interest paid on home equity loans under the recently enacted Tax Cuts and Jobs Act (PL 115-97, 12/22/2017). Background. Taxpayers may deduct interest on mortgage debt that is “acquisition debt”. Acquisition debt means debt that is: Secured Read More

Tax Laws for Pass-Through Entities

Under the new tax laws, the rules for pass-through entities have made the climate a bit more favorable for these types of corporations. It’s also a bit more complex. Pass through entities include sole proprietorships, partnerships, certain LLCs, and S-corporations. Knowing which type is best for your situation depends on several factors. New Income Deduction Read More