Welcome to our first issue of MCC Construction Zone for 2020. We are excited about what will come to the construction industry this decade. There are so many new opportunities to consider and innovative practices to bring to your business. The overall economy continues to do well, and experts now anticipate an expansion in the construction industry. This is a much different prediction than they had for 2020 during the fourth quarter of 2019.
We discuss the different accounting methods contractors can use and the benefits of each in this issue. You may be able to save money on your taxes by changing accounting methods, if you qualify. We also review some of the deferrals and tax credits that you may be qualified to take.
New laws are always being passed that affect contractors. We try to keep you updated on legislation that might impact your business. The Construction Industry Employee Verification Act (The Act) was passed in Pennsylvania towards the end of last year. A summary of The Act is provided so you will know what you have to do to comply.
Finally, we introduce you to a member of our tax team. Jeff Kim, CPA, serves as a manager. Learn about the wealth of knowledge he brings to the firm to help clients make and keep more money. We hope that you find this issue of MCC Construction Zone insightful. Happy reading!
Marty McCarthy, CPA, CCIFP
In this issue: