Construction

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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