by Jay Silverstein, Partner, and Hiromi Young, Senior Manager, Moss Adams LLP
A version of this article previously appeared in the May 2017 issue of United Contractors Magazine.
Every business is different, and so is every business owner. No matter what path you took to build and grow your construction company, though, there’s one milestone you’ll eventually have to cross: transitioning the ownership of your business to a successor. Whether that successor is a family member, your management group, or a third party, it’s an event that will have far-reaching effects on your business, your family, your wealth, and your future.
Succession planning can be a complex undertaking that’s filled with questions. For example: When do you want to transition out of your ownership role? How can you derive the greatest value from your business? Who’s the best candidate to lead your company into the future? How do you know you have the right management team in place?
Many contractors, l ...
by Eve Dreyfuss, MOSSADAMS Partner, Tax Structuring Services
A version of this article was previously posted in the August 2018 edition of UCON Magazine.
Periods of economic growth and recession are cyclical. Downturns like the one that started in 2008 aren’t that uncommon, and neither are the booms that follow. That’s why it’s smart for businesses and their owners—especially contractors—to leverage some of the provisions in the new tax law and start planning for the next recession before it starts.
With the passage of the 2017 tax reform reconciliation act, also known as the Tax Cuts and Jobs Act (TCJA), there are now new opportunities for contractors to reduce their tax burden while revenue is high. Rates are also significantly lower—including a 20% deduction for pass-through entities that applies through 2025—which is further helping increase cash flow. However, the TCJA also eliminates or limits many other tax breaks, such as the a ...
CM/GC LegislationLast week ABC met with key members of leadership and committees to discuss the deficiencies of the new CM/GC bill passed in the last legislative session. The legislators were very receptive to ABC’s information, and concerned about the potential unintended consequences of the new bill.