Reviewing the look-back method for long-term construction contracts
Among the most common challenges of any long-term construction project are fluctuating job costs. However, variations in the cost of materials and labor over time aren’t the only cause for concern. Permitting issues, economic changes and evolving regulations can all … Read more…
The latest on occupational fraud in the construction industry
The construction industry has made great strides in overcoming the outdated perception that it’s rife with corruption. Unfortunately, the fact remains that contractors lose hundreds of thousands of dollars a year to occupational fraud. As formally defined by the Association … Read more…
Digital transformation is for construction businesses, too
It may sound like something out of a blockbuster science fiction movie: digital transformation. Yet, it’s a very real trend in many industries, including construction. The term refers to a business’s conscious effort to integrate digital technology into every area … Read more…
Exit strategy: ESOPs for construction companies
Contractors often struggle to find suitable buyers for their companies when they’re ready to retire or otherwise move on. That may be why many construction businesses implement employee stock ownership plans (ESOPs). These plans offer a gradual exit strategy and … Read more…
What contractors should expect when getting bonded
Under a performance bond, a legally binding agreement is established between a construction company, a surety (the bond provider) and a project owner. Essentially, the bond guarantees that the business in question will fulfill the performance obligations of the construction … Read more…
Many construction businesses need to step it up on cybersecurity
By now, most contractors are well aware of the threat of cyberattacks. However, at least one recent survey indicates that many construction companies still aren’t adequately protecting themselves. In mid-October, insurance giant Travelers released the results of its 11th annual … Read more…
Could CRM software help your construction business?
When you read the words “construction software,” the first thing that may come to mind is an application that helps you plan or execute projects. Although this is certainly common, don’t forget there are also plenty of front-office technology tools … Read more…
What contractors should know about the IRA’s PWA requirements
In June 2024, the IRS released final regulations addressing the prevailing wage and apprenticeship (PWA) requirements for increased clean energy tax deduction or credit amounts. These tax breaks were made available under the Inflation Reduction Act (IRA). Satisfying the requirements … Read more…
7 ways construction companies can address materials costs
Although the overall costs of construction materials nationwide have stabilized somewhat this year, many contractors still likely face challenges in this area. The price of specific types of materials continues to fluctuate, and local markets are subject to turbulence because … Read more…
Construction business owners: Prepare now for possible tax law changes
The Tax Cuts and Jobs Act (TCJA) was signed into law in 2017 and generally took effect at the start of 2018. It brought sweeping changes to various aspects of tax law for both individuals and businesses. But many of … Read more…
