Legislative Updates

Legislative Updates

From the monthly archives: November 2018

We are pleased to present below all posts archived in 'November 2018'. If you still can't find what you are looking for, try using the search box.

Succession Planning Made Simple for Construction Companies

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 ...

Read the rest of entry »

How Contractors Can Prepare for the Next Recession

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. Key Considerations 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 ...

Read the rest of entry »

November 2018 Legislative Updates

The House and Senate are out this week for the Thanksgiving recess and return next week with the goal of striking a deal on extending a government funding bill that is set to expire on December 7th. The most pressing issue surrounding the funding bill is the president’s request for border wall funding. Congress will also try to address expired tax breaks and potential technical fixes to the GOP tax law before the end of the year. Other pressing issues remain in the Senate with Sen. Jeff Flake (R-Ariz.) demanding a vote on a bill to protect Robert Mueller and his investigation and Sens. Lindsey Graham (R-S.C.) and Rand Paul (R-Ky.) pushing for a vote on a bipartisan sentencing reform bill. Election Update: On Sunday, Democratic Sen. Bill Nelson conceded the U.S. Senate race in Florida to Republican Gov. Rick Scott, giving Senate Republicans a 52-47 majority in the Senate with an expected 53 seats following the Mississippi runoff election later this month. In the House, Democrats hold a 232-198 ...

Read the rest of entry »

Nonresidential Spending Retains Momentum in September, Up 8.9 Percent Year Over Year, Says ABC

WASHINGTON, Nov. 1—National nonresidential construction spending fell 0.3 percent in September but remains historically elevated, according to an Associated Builders and Contractors analysis of U.S. Census Bureau data released today. Total nonresidential spending stood at $767.1 billion on a seasonally adjusted, annualized rate in September, an increase of 8.9 percent on a year-ago basis. Note that August’s estimate was revised almost a full percent higher from $762.7 billion to $769.1 billion, the highest level in the history of the series. Private nonresidential spending increased 0.1 percent in September while public nonresidential spending decreased 0.8 percent for the month. “Virtually no weight should be placed upon the monthly decline in nonresidential construction spending that occurred in September,” said ABC Chief Economist Anirban Basu. “Rather, we should focus on the massive upward revision to August’s spending data. That revision finally aligns constructi ...

Read the rest of entry »

Search

Publish Date