D&M Construction Industry Newsletter

January 2025

Featured Article From Our Experts

New York State Department of Labor Contractor Registry – What You Need To Know

A new law in New York that took effect December 30, 2024, will now require many contractors and subcontractors working on covered construction projects to register with the New York State Department of Labor under Labor Law Section 220-i. In this article, I will explain the registration process, penalties for noncompliance and key steps to avoid disruptions. You will learn how to prepare, apply and stay compliant to maintain eligibility for these projects.

Exit Strategy: ESPOs for Construction Companies

Employee Stock Ownership Plans offer construction company owners a gradual exit strategy while preserving the legacy, boosting employee engagement and providing tax advantages. However, ESOPs also come with cash flow challenges, administrative complexities and potentially lower sales prices. This article explores the pros and cons that should be considered before implementing this succession planning strategy.

The Contractor’s Role in Life-Cycle Cost Analysis

Construction business owners: Have you ever encountered life-cycle cost analysis (LCCA)? Many project owners, especially in the commercial and infrastructure sectors, are engaging in this practice. In this article, you will learn how contractors can differentiate themselves by effectively supporting LCCA efforts and preparing for its growing prevalence in the industry.

Protecting Your Construction Business From Ransomware

Ransomware poses a growing threat to construction businesses, which are frequently targeted due to valuable data and vulnerable systems. This article explores why the industry is at risk, outlines key cybersecurity practices and highlights the potential benefits of cyber insurance.

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About Dannible & McKee, LLP

Dannible & McKee, LLP has been providing audit, tax, accounting and financial management consulting services to clients nationwide since 1978. We are highly respected among construction leaders and maintain active involvement with our construction clients and the many organizations affecting their businesses. We stand out from our competition by conducting one-on-one, year-end planning meetings to review your operations and plan for income taxes, banking and bonding concerns. Our comprehensive familiarity with all aspects of construction allows us to help you in business planning and long-term goals, while also resolving your daily operational needs to maximize cash flow.

OFFICE LOCATIONS:

DM Financial Plaza, 221 South Warren Street, Syracuse, NY 13202

213 North Street, Suite 101, Auburn, NY 13021

200 Harborside Drive, Suite 201, Schenectady, NY 12305

220 Stage Road, Vestal, NY 13850

3001 N. Rocky Point Drive, Suite 214, Tampa, FL 33607

To learn more about Dannible & McKee, visit us at www.dmcpas.com.