Stimulus Legislation Information Released – Second Round of PPP Loans, Stimulus Checks, and Taxation of PPP Proceeds

Consolidated Appropriations Act On December 21, 2020, Congressional leaders released the text of the Consolidated Appropriations Act.  The omnibus legislation encompasses a number of smaller acts, funding the government for the 2021 fiscal year, as well as providing relief for the escalating COVID-19 pandemic, economic stimulus, and tax relief.  This 5,500 page piece of legislation… Read More

Current Federal and State Income Tax Deadlines

Friends, I hope this message finds you well.  As you likely know, the impact of COVID caused federal and state taxing authorities to extend most individual filing and payment deadlines beyond the April 15th deadline.  I have attached a summary of all federal and state income tax deadlines for your reference.   While most states have… Read More

Filing and Payment Deadlines

Friends, As April 15th approaches, many states have provided additional payment and filing guidance.  While most states have followed the federal postponement, it is important to understand the respective guidelines for states where you file.  To assist in this process, we have summarized the filing, payment, and estimate guidance from each state.  Please contact your… Read More

CARES Act, Tax Reform, and More

The President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act.  Regulatory guidance from federal agencies such as the Department of Labor, Department of Treasury, Department of Health and Human Services, and the Internal Revenue Service is still necessary to fully explain the value and impact of these provisions.The CARES Act endeavors… Read More

National Construction Accounting Conference – Economic Outlook, Revenue Recognition Update, and Accounting Methods

Mike Goettsche and Brody Fitch from Cooper Norman’s Construction Team attended the AICPA Construction & Real Estate Conference held in Nashville on December 5th and 6th, 2019.  The construction conference is the AICPA’s flagship event for providing information from leading industry professionals related to trends in the industry, practical implementation of accounting standards, and tax… Read More

Tax Planning for the Construction Industry

Believe it or not, 2019 is over 90% complete at this point. Considering that tax reform has dramatically changed the nature of tax credits and deductions, it is more important than ever to ensure that adequate planning is done. Optimal tax savings is heavily reliant on planning before year-end. As a contractor, we will talk… Read More