August 2024

New York State Sales Tax – A Complex Issue

When it comes to the intricate world of taxes for contractors, many tend to focus solely on income taxes. Nevertheless, sales tax is another significant tax that can be equally complex. For New York State (NYS) contractors, grasping the nuances of sales tax regulations is essential to ensure you are compliant. This article explores five critical topics of NYS sales tax and provides guidance to help you effectively manage your taxes correctly.

Could Your Construction Company Benefit From a PTET?

Owners of construction companies structured as partnerships, limited liability companies, or S corporations may not be fully aware of the pass-through entity taxes (PTETs) available in the states where they conduct business. The various iterations of PTETs are essentially workarounds for the $10,000 federal limit on deductions of state and local taxes. As this article explains, electing a PTET isn’t an easy decision, but doing so could save tax dollars under the right circumstances.

Seven Ways Construction Companies Can Address Materials Costs

Although overall construction material costs have stabilized, contractors still face challenges due to fluctuating prices and supply chain issues. The good news is that you and your leadership team can proactively address these challenges. This article outlines seven strategic approaches for construction companies to manage fluctuating materials costs.

Building a Stronger Bond: How to Keep a Surety on Your Side

Surety bonds are an essential component for contractors working on large or public projects. They serve as a safeguard for project owners and ensure that their investments are well-protected against potential contractor defaults. This article reviews the key steps you need to take to strengthen your relationship with sureties and secure bonding.

In the current economic climate, it is crucial for contractors to prioritize implementing robust financial strategies to ensure the sustainability and growth of their business. In this session, you will learn the top 10 financial and tax planning tips that all contractors should take advantage of.

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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.