BOI Reporting Deadline Now March 21 – U.S. District Court Ruling Reinstates CTA & Beneficial Ownership Information Reporting Requirement… Once Again
Update: The Corporate Transparency Act and its BOI reporting requirements are currently under litigation. Please refer to our most recent post for the latest developments. A February 18th FinCEN alert notified businesses that the U.S. District Court for the Eastern District of Texas reinstated the beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA). FinCEN indicated that during the … 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The construction industry has made great strides in overcoming the outdated perception that it’s rife with corruption.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…
2025 Retirement Plan Contribution Limits, Phase-Out Ranges, and Income Limits
The IRS has released 2025 inflation-adjusted contribution limits, phase-out ranges, and income limits for various retirement accounts. (IRS Notice 2024-80) Contribution Limits 401(k), 403(b), and most 457 plans — For 2025, the amount an individual can contribute to a 401(k), … 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…
Dec. 26th BOI Update: Court Blocks Reporting Requirement…Again
Update: The Corporate Transparency Act and its BOI reporting requirements are currently under litigation. Please refer to our most recent post for the latest developments. In another twist for small-business owners, a federal court has once again halted the Corporate Transparency Act’s (CTA) beneficial ownership information (BOI) reporting requirement. On Thursday, December 26, a Fifth Circuit Court of Appeals panel … Read more…
Dec. 23rd Appeals Court Ruling Reinstates CTA & Beneficial Ownership Information Reporting Requirement
Update: The Corporate Transparency Act and its BOI reporting requirements are currently under litigation. Please refer to our most recent post for the latest developments. On Monday, December 23, 2024, the Fifth U.S. Circuit Court of Appeals lifted the nationwide injunction issued earlier this month against the Corporate Transparency Act (CTA). Monday’s ruling revives the immediate enforceability of the CTA, … Read more…
Update: BOI Reporting Enforcement Halted
Update: The Corporate Transparency Act and its BOI reporting requirements are currently under litigation. Please refer to our most recent post for the latest developments. On December 3, 2024, a Texas district court order placed a nationwide preliminary injunction on enforcement of the Corporate Transparency Act (CTA), placing the Beneficial Ownership Information (BOI) reporting requirement and its January 1, 2025 deadline on hold. The Department of Justice … 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…
