Accountants and CPAs Serving Construction Companies and Developers
Developers and construction companies can work with financial professionals at Cook CPA Group to plan their projects. Call us today.
Throughout the United States, many areas are experiencing a building boom. This is great news for the economy, as it provides jobs and opportunities for growth. At the same time, it can be challenging to keep up with the administrative demands of running a construction company or development project. That’s where accountants and CPAs come in. They can help you manage your finances and stay compliant with all relevant regulations.
However, any experienced developer or construction company owner will tell you that having a shovel-ready project is only half of the job. Furthermore, developers must make sure that adequate financing and financial aspects of the deal are in place. Construction businesses and property development companies may use CPAs with experience to assist them leverage assets and better position themselves for growth opportunities. Our accountants can also help with routine day-to-day accounting, payroll, 401(k) audits, and other tax responsibilities.
Accountants Can Provide Payroll Tax and Additional Accounting Services to Construction Companies
One of the most basic responsibilities associated with running any sort of business is payroll and benefits administration. Because of the variety of ramifications that may affect employees, businesses, and “responsible parties” with a duty to administer these obligations and benefits, properly handling payroll taxes, sometimes known as employment taxes or trust fund taxes, is quite crucial.
When a payroll tax obligation is not properly handled, business owners frequently find that enforcement actions are taken to them extremely aggressively. Business owners may have their bank accounts frozen and other repercussions that stifle or prevent them from executing their operations.
Personal liability may result for irresponsible parties, such as company owners and accountants, who fail to fulfill their responsibilities when it comes to reporting electronically. Employees are harmed because Social Security and Medicare taxes that are not paid can jeopardize one’s eligibility for future benefits.
We Can Work as a Part-Time CFO for Your Business
Aside from payroll tax requirements, our accounting firm can also give day-to-day financial and tax advice. Hiring a full-time CFO might cost a company upwards of $75,000 to $125,000 or more without bonuses and benefits. While many firms would benefit from strategic and meticulous financial guidance, many don’t have the funds to employ a full-time CFO. However, this sort of assistance and advice may offer several advantages:
- Assisting the company in managing its cash and assets.
- To better prepare the firm for potential opportunities in the future, perform trend analysis.
- The role of a business loan officer is to manage and administer loans from the lender, negotiate terms and conditions with the borrower, prepare necessary documents for repayment in compliance with regulations and requirements, engage borrowers over matters relating to loans such as performance targets or payment schedule adjustments.
- Assist clients in obtaining insurance and other services.
- Assess, discuss, and propose tax-reducing tactics.
- You’re confident that your company’s finances are in good hands with a professional who has decades of expertise.
Our firm recognizes that the accounting system needs to be in place and running smoothly before you can focus on new business development. Using our accounting firm to provide part-time CFO services may help your company focus on opportunities while also assuring that it is well positioned.
Accountants Can Help Developers with Like-Kind Section 1031 Transfers
There are several tax laws in the United States that are beneficial to property developers and businesses involved in similar sectors. The Section 1031 like-kind transfer is perhaps the most advantageous of these tax-saving provisions.
Developers can generally defer the tax effect of certain transactions that would otherwise result in capital gain taxes under this part of the federal Tax Code. When companies are forced to pay capital gains taxes, it typically indicates a lack of money for initiatives and development projects.
However, a company can defer paying capital gains tax under Section 1031 of the U.S. Tax Code if the funds are reinvested in similar property. Similar property is generally defined as a property that is of the same sort, class, or character.
Because the criteria for qualifying as similar-kind depend on the quality of the properties, it does not matter how good or bad they are. Real estate developers and construction companies typically have a lot of leeway in using this exemption. However, it is critical to enlist the services of a qualified tax professional since errors may result in fines, penalties, and other unpleasant consequences.
Work with Accountants Serving Construction Firms in the USA
The Cook CPA Group’s accountants, CPAs, and financial experts are committed to assisting construction businesses in receiving on-point, professional tax and financial advice. The financial specialists of the Cook CPA Group can assist your company with taxes, finances, or ways to better manage its money and assets.