Construction

Articles

Cyber Attacks Could Pose Threat to Materials Integrity

By Nathaniel C. Gravel, CISA, CISM, CRISC Forget ransomware. The latest cybersecurity threat could compromise the integrity of construction materials, creating the danger of structural collapse. According to an article on the Cybersecurity Dive website, online programs and automated systems used to control the manufacture and testing of construction materials have become targets for cyberattack. …

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Koch's Corner

Koch’s Corner: Recognizing Revenue from Customer Contracts

Koch’s Corner delivers concise, “need to know” summaries of important updates on audit & accounting issues for privately-held companies. By Richard Koch, CPADirector of Quality Control at Gray, Gray & Gray If your company has contracts with customers, the way you recognize (for accounting purposes) the revenue generated by those contracts has changed. This is …

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Does Your Architectural or Engineering Firm Qualify for R&D Tax Credits?

Research & Development Credits are not just for scientists and software developers By Bradford G. Carlson; Paul J. Gerry, Jr., CPA, PFS; Martin E. Prendergast; Karen G. Timmermans, CPAGray, Gray & Gray, LLP If you think the Research & Development Tax Credits offered by the federal government are just for high technology, life sciences or computer …

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Articles

What is an IC-DISC and How Could It Save You Tax Dollars?

By Derek B. Rawls, CPA, MSTGray, Gray & Gray, LLP American companies exporting goods – and certain services – may be able to enjoy significant federal income tax savings through a little-known instrument known as an interest charge domestic international sales corporation (IC-DISC). You do not need to be a huge exporter to take advantage …

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Articles

Tax Court Revs Up Deductions for Promotional Expenses

It is important for to keep your company’s name consistently in front of the public, particularly in a competitive business environment. It can be helpful to be innovative in your marketing and promotional techniques, but where do you draw the line? In a recent case, the Tax Court upheld more than $160,000 in deductions over …

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Articles

Construction Workers & Contractors Beware: Audit Proof Travel and Entertainment Deductions

Unlike business people in most other walks of life, contractors and construction workers typically work at several sites during the year, while maintaining a home base. If you work in the industry, you are frequently out in the field or taking meetings with customers, incurring substantial travel and entertainment (T&E) expenses. Of course, qualified T&E expenses are …

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