Blog

6
Oct

The TCJA limit on interest expense deductions

The Tax Cuts and Jobs Act (TCJA) introduced a variety of tax benefits for businesses. Among other things, it slashed corporate income tax rates, temporarily reduced individual rates and established a new 20% deduction for certain pass-through income. At the same time, the act placed limits on several tax breaks, including the amount of interest expense a business may deduct. “Small” businesses are exempt Before you worry about the mechanics…  Read more

6
Oct

What to Expect: First Time 401(K) Plan Audit

When your employee benefit plan grows beyond 100 eligible participants, it triggers the need to take deeper look at whether an audit is needed. At first sight, an audit requirement can appear to be an intimidating and daunting task. Your audit team will ask you a number of questions you may expect about the plan, including employee census and payroll data, contribution history, plan financial statement information, and more. What…  Read more

5
Oct

Is the Trade War with China Causing Problems for the Construction Industry?

After the political back-and-forth between the United States and China, the current tariff rate sits at 25% on $250 billion in Chinese products according to Kim Slowey of Construction Dive. We know that tariffs increase cost, but what does that mean for those in the construction industry? Ken Simonson, the chief economist for the Associated General Contractors of America, (AGC) said it best: “Sometimes just the threat of an increase…  Read more