Articles Tagged - ConstructionIndustry

Holy Matrimony: Contractors and New Jersey Sales Tax

By Wiss, Posted in State & Local Tax Services

By Tim Kennedy Not all work performed on a property is created equal in the eyes of the tax collector. Some improvements fall into the realm of capital improvement, while others are considered repairs, and still others are maintenance services. Because New Jersey sales tax rules differ based on the type of work performed, it is important to understand the classifications to avoid paying too much or too little in taxes. Here’s what you need to know. What work is exempt from sales tax? For owners of... read more.

The Art of the Contract Schedule

By Wiss, Posted in Construction

By Mike Andriola When accountants hear the word “estimate,” most go into a panic. In an industry where accuracy and precision are paramount, the mere thought of a number not being exact can create a sense of unrest. However, in the construction industry, estimates are unavoidable. A slight one to two percent change in an estimate on a large contract could add or subtract a substantial amount of profit or loss to or from the bottom line. At Wiss, we work with our clients to strike the perfect b... read more.

How to Avoid Risk and Stay Lean in the 2015 Construction Boom

By Wiss, Posted in Construction

By Wiss Associate Historically, the U.S. construction industry trails the economy by about a year. So when the economy tanks, the industry hangs on by finishing existing projects. And when things begin to improve, construction firms lag while investments are made, new projects are green-lighted and contracts are signed. Today, the economy, from the viewpoint of the construction industry, is 80 to 90 percent back to where it was before the recession. So now it’s time to figure out how to do things di... read more.