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In recent months, U.S. Immigration and Customs Enforcement (ICE) has shifted its focus from employees working in the United States illegally to the employers who hire them. To protect your company and its management against civil fines and possible criminal charges associated with undocumented workers, it’s important to have an immigration compliance program that’s up [...]
Subcontractor failure is one of the biggest risks faced by general contractors (GCs) today. And one of the most effective strategies for minimizing this risk is subcontractor prequalification. This process benefits subs, as well, by providing them with a competitive advantage once they’ve made the list. Prequalification isn’t new but, in the current economy, it’s [...]
A lottery winner recently tried to get lucky twice by beating the IRS on some of the taxes owed on the winnings. Unfortunately, she lost that round with lady luck, with the Tax Court ruling that she was liable for the gift tax on a maneuver with an S corporation designed to spread some of [...]
Over the last few years, the recession has caused many companies to step out of their comfort zones just to stay competitive. For some, this means taking on larger projects or new types of work. For others, it means expanding into other states or even exploring international options. If you do business in several states, it’s [...]
The term “subprime” has had a bad rap, and with good reason. After all, it’s associated with predatory lending practices that have had a lot to do with the current financial crisis in the United States. But subprime lending isn’t bad by definition; it simply means extending credit to less qualified borrowers, who pay a [...]
Can You Demonstrate That You Are Bond Worthy ? In today’s economy, risk-averse project owners are more likely to require surety bonds. At the same time, cautious sureties have become more rigorous in their evaluation and approval of bond requests. So, it’s critical for construction contractors to show that they’re “bond worthy” and to implement strong [...]
If your company performs work for the federal government, it’s critical for you to become familiar with the recently revised Federal Acquisition Regulation (FAR). All federal contractors are now required to disclose certain overpayments and legal violations. And contractors involved with larger projects must implement rigorous business ethics programs and internal control systems. Sandersen Knox & [...]
In today’s economy, contractors must take any threat to their profitability seriously. Regularly asking the right questions about their profitability can help them keep their guard up. Sandersen Knox & Company offers a few business planning things to consider. They involve keeping track of indirect costs, managing receivables and payables effectively, and addressing change orders properly.
If a low income taxpayer needs assistance in resolving tax disputes with the Internal Revenue Service (IRS) and cannot afford representation, or if the taxpayer cannot speak English as a second language and needs help understanding their taxpayer rights and responsibilities, they may qualify for help from a Low Income Taxpayer Clinic (LITC) that provides free [...]
While controlling owners of closely held companies are generally free to set their own salary, the “reasonableness” of owner compensation can become an issue. Thorough advance business planning and timely tax planning can help you manage reasonable compensation issues before they become a stumbling block. Reasonable Compensation – The IRS Feels Strongly Both Ways On one hand, if [...]
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