A small but growing commercial subcontractor recently learned that a little due diligence goes a long way in protecting against surety bond fraud. For several decades, the family-owned company had worked relatively small but usually profitable jobs in its local niche. And now it was moving into larger, municipal projects.
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Federal contracts can be a good way to expand the profitability reach of a construction company. But these jobs have their own complex rules, including paying prevailing wages pursuant to the Davis-Bacon Act. Many contractors face one particular dilemma when sorting through the prevailing wage requirement: Should they pay all applicable wages in cash or remit some of them as benefits?
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Topics: Benefits, Construction, Uncategorized
When it comes to increasing sales in the construction industry, there’s always room for improvement. Doing so rarely comes easy, with referrals and word-of-mouth representing the primary sources of new business for contractors.
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Topics: Organic Sales Gworth, Best Practices, Construction, Customer Service, Employees, Marketing, Uncategorized
Retirees and those working hard to get there all face three major threats to a financial well-being in their golden years: inflation, investment risk and outliving their money. Luckily, most working Americans will be covered by an excellent tool for combatting all three threats: Social Security. Retirement benefits from Social Security provide guaranteed income that continues for life and increases each year as the costs of living increase. This protection makes it one of the most valuable sources of income in retirement, but still requires careful planning to properly implement and realize to its fullest potential. With 2,728 rules governing benefits in the Social Security Handbook, there is significant complexity involved with when and how to take retirement benefits, but also significant opportunity for creative careful planning.
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Topics: Social Security Benefits, Tax, Uncategorized
Due to the government shutdown last year, the IRS was forced to delay the start of the tax filing season for individuals. Now that we are in “crunch time,” you can expect some additional delays in processing returns.
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Topics: IRS, Refund, Tax, Uncategorized
To help you make sure you don’t miss any important 2014 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review it and let us know if you have any questions about the deadlines or would like assistance in meeting them.
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Topics: Deadline, Extensions, Form 1040, Form 1065, Form 1120, Form 4070, Form 5500, Form 709, Form 941, Form 990, Tax, Tax Calendar, Uncategorized
Fraud is commonplace and can happen to any business, as evidenced by the frequent news stories on the subject. Though business owners have developed a heightened awareness of the potential for fraud, the 2016 Global Fraud Study by the Association of Certified Fraud Examiners (ACFE) revealed that the impact on businesses continues to grow. For some perspective, try to absorb that the total loss reflected in the 2016 study of just 2,410 reported cases was $6.3 billion, with median loss for all U.S. cases at $120,000 and 23.2% of cases causing losses of $1 million or more.
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Topics: Fraud Checklist, Fraud Detection, Fraud Prevention, Small Business, Uncategorized
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Topics: Facts and Figures, Flexible Spending Accounts, Friendly Hire, FSA, Uncategorized
Real estate owners and developers often form limited liability companies (LLCs) to hold title to property. One key reason for making the switch is that LLCs limit personal liability — only the LLC members’ equity investments are usually at risk. While these entities do offer protection from personal liability for the debts and liabilities of the entity itself, some exceptions exist that could drain an owner’s or developer’s personal finances.
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Topics: CERCLA, Investment, Limited Liability Company, Uncategorized
According to a recent poll cited in the Wall Street Journal, 46% of women believe they have experienced sex discrimination in the workplace. And the number of sexual harassment claims filed with the Equal Employment Opportunity Commission (EEOC) in 2011 totaled 7,521.
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Topics: Uncategorized