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• W347684865 abstract "Next time you're stuck in traffic because of construction, take a deep breath, look around and ask yourself a few questions: Those orange cones over there--who's providing them: Is it a general contractor or traffic-safety subcontractor? Does the supplier do enough business to qualify for the completed-contract method of accounting for tax purposes? How will the contractor handle the sudden payroll spike for those folks with flags? What about that bulldozer (or backhoe or crane)--did the heavy-equipment contractor buy it or finance it? How? What sort of hit did his working capital take? How will that look to his lenders? And that bridge--how does the state or county paying for it know the builder won't run out of money and leave a span halfway across? A CPA who advises clients in the $450-billion-a-year construction industry, will be aware of--and know the answers to--many such questions. To determine whether the niche is right for you, learn more here about the services contractors need and the resources available to give you the knowledge you'll require (see Tools of the Trade, page 37). SURVEYING THE FIELD Low interest rates have fueled a construction boom for several years, with homebuilding the strongest industry segment in 2001. Buildings continue to go up--and contractors of all types need CPAs to help with taxes, bonding and borrowing services. In leaner periods, they need assistance with cost controls, ways to maximize tax savings and strategies for obtaining credit. There's plenty of work out there, says Peter McGuigan, CPA, head of McGuigan & Co., a four-professional firm in Wall, New Jersey. The firm has specialized in construction since its 1990 inception and also does technology consulting; individual, corporate and estate tax work; and retirement planning. The market. Construction offers a diverse market for CPAs. Major contractors undertake federal government projects (such as dams and military buildings) and other heavy construction jobs including refineries, power plants and utilities, highways, municipal centers and international ventures. Each subcontractor for discrete phases of such projects is a potential client, too. These include ironworkers, masons, cement workers, electricians, sheetrock installers, plumbers and painters, as well as elevator and fire-sprinkler installers and heating, venting and air conditioning (HVAC) specialists. Other types of subcontractors--such as those for highway construction--move dirt, lay pavement, operate heavy equipment, coordinate traffic safety and install work lights. Every construction job's legal, regulatory and bidding requirements are highly detailed, and the complexity scales up in proportion to the project. Many contractors settle into a niche and stick with it; same-size jobs and familiar clients let them capitalize on acquired knowledge and lessen financial risk. However, sometimes a builder of individual homes suddenly lands a job to construct several hundred units. Or vice versa. The CPA's role. CPAs serving this complex segment are called on to handle engagements that vary in scope, materials and the types of workers employed as well as the sums of money and financing arrangements involved. They must understand how best to provide value based on a project's location, financing and applicable accounting and tax laws (see Accounting for Construction Contracts, page 38). Basics include a thorough grounding in the provisions of IRC section 460 in order to master construction accounting and the unique tax rules (for example, the small construction contract exception) that apply to contractors and an in-depth knowledge of SOP 81-1 (see Blueprints page 38). CORNERSTONES OF SERVICE Ensuring the company's financial statements enable it to maintain maximum single and aggregate bonding limits is the most important value a CPA can add to a contractor's profitability, says McGuigan, who started his career in a Big Five firm's construction practice. …" @default.
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• W347684865 date "2003-03-01" @default.
• W347684865 modified "2023-09-27" @default.
• W347684865 title "Nail a Construction Niche: Take a Closer Look at the Structure of the Building Business" @default.
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