Welcome to Sector Insights... offering construction industry executives the latest tax, business and financial news affecting your sector... and ultimately, your success.

CONSTRUCTION INDUSTRY CONTINUES TO SEE BENEFITS OF TAX REFORM
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(via Construction Executive) - It's been more than a year since Congress passed the Tax Cuts and Jobs Act, and the construction industry is continuing to see the benefits.  

From the law's corporate tax cut, to the 20 percent deduction for pass-through entities, to encouraging purchases of new equipment to grow and build businesses through the increase of the first-year bonus depreciation, these tax code improvements provide the industry with the economic freedom and global competitiveness needed to grow and thrive.   

IS IT TIME TO SAY GOODBYE TO QUICKBOOKS?
( via RBF Knowledge Center) - For companies of a certain size, nothing beats QuickBooks as a way to organize, track and manage the financial aspects of the business. But at some point, the limitations of this type of entry-level accounting program become painfully apparent, especially when your company is on a growth trajectory that is quickly adding layers of financial complexity.

RBF partner Jack Malley reveals a few of the telltale signs that your company may be starting to outgrow the capabilities of QuickBooks.  

THE TOP 10 REASONS CONTRACTOR SUCCESSION PLANNING HAS EVOLVED
Senior businessman with colleagues having a discussion in conference room
( via Construction Dive) - Succession planning has always been a hot topic among contractors of a certain age, and that's not likely to change. What has most definitely changed, however, is that today's discussions are broader and include many more alternatives. 

There will always be family-owned construction companies, but, for today's contractor, succession decisions are much more merit-based than family-driven.  Here are 10 drivers that have shaped 21st century succession planning.  

WHY MAKING BUSINESS DECISIONS ALONE IS DANGEROUS
Senior businessman  confident and handsome looking out of his window with a thoughtful and thinking  in office. He is in formal wear.
( via Construction Business Owner) - As a construction business owner, making decisions based on what you know and your past experience - without also learning from experienced professionals - can hurt more than help.

Overwhelmed with difficult choices, frustrated business owners often delay making decisions and continue operating as they have been -- which often means keeping mediocre employees, producing below-average results, using inadequate organizational systems, and taking on the wrong customers and projects. In times like these, as the saying goes, two heads are better than one.  
  

THE PUNCH LIST
man working on his plane project at site construction work. holding a pen for check list.
In May, RBF partners Lenny Smith and Paul Bardaro presented to a group of private company CEOs on the subject of "Preparing for a Smooth 2020 Tax Season." The seminar, organized by the CEO peer advisory group Vistage, offered participants the ten critical questions they should be asking their CPAs now in order to avoid thorny tax surprises later in the year. 

In RBF client news, the firm welcomes new client Garvin Brown Construction Products. Garvin Brown is the Northeast's leading distributor of contractor materials for complete building envelope solutions - including commercial waterproofing, restoration, glass and glazing, roofing and OEM manufacturing, as well as bridge, power and civil infrastructure supplies. 

500 Unicorn Park Drive, Suite 101, Woburn, MA 01801
Phone 781.321.6065     Fax 781.321.7747


RBF is the  New England-area affiliate of Russell Bedford International, a leading global network of independent accounting and business consulting firms.
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