Construction Industry Accounting

The 3 percent withholding provision for contractors, which was scheduled to take effect on January 1, 2013, cleared its first hurdle for permanent elimination.  On October 13, 2011, The House Ways and Means Committee overwhelmingly supported the repeal of the withholding provision and passed the measure.  Leaders from the House of Representatives have said the repeal of the bill will get a floor vote by the end of October.  Repealing the measure has been widely supported by contractors and...

“Go Green!”  There is a big push in our office to work in an environmentally-friendly manner – from turning out the lights after leaving an area, to recycling pop cans, to our Real Estate and Construction niche group members obtaining Green Advantage Commercial/Residential (GACR) certifications.  Regardless of whether global warming is a real or make-believe phenomenon, the concept of making more efficient use of the resources that we currently have will only continue to grow as the world’s...

Job Description:

The Controller provides both operational and programmatic support to the organization.  .  The Conroller reports directly to the President and is responsible for all strategic and tactical matters as they relate to budget management, cost benefit analysis, forecasting needs and the securing of new funding.

Our client provides survey, energy analysis and design of lighting systems to companies across the U.S.

Duties and Responsibilities:

• Assist in performing all tasks necessary to...

CFO Job Description:

The Chief Financial Officer (CFO) provides both operational and programmatic support to the organization.  The CFO supervises the finance unit and is the chief financial spokesperson for the organization.  The CFO reports directly to the President and is responsible for all strategic and tactical matters as they relate to budget management, cost benefit analysis, forecasting needs and the securing of new funding.

CFO Duties and Responsibilities:

• Assist in performing all tasks...

• Fourth Annual Survey of Northeast Ohio Real Estate and Construction Industries
• Significantly Reduce Your Not-for-profit Audit and Tax Expenses
• Stay Within Charitable Deduction Boundries
• Roth IRA Conversions: Time to Decide
• New Estate-tax Relief: It's Complicated
• Aurum Capital Markets Summary and New Web Site
• Does Your Business Have an Ohio Use Tax Account
• April Audio Group - Audio Book Club Meeting
• College Planning...

CLEVELAND – Skoda Minotti is pleased to announce the launch of its fourth annual survey of the Northeast Ohio real estate and construction industries. The goal of the survey is to provide professionals in the real estate and construction industries in Northeast Ohio with invaluable insight into their industries.

“We received record participation in our 2010 survey and are looking to improve on that number once again in 2011,” said Roger Gingerich, CPA/ABV, CVA, partner-in-charge of Skoda...

This issue of the Real Estate Monitor includes the following articles:

• Understanding the Energy Efficient Tax Deduction
• New Requirements for Asbestos Surveys from the Ohio Department of Health
• Housing: Affordability of Home Ownership
• Deductions: Passive Losses
• Mortgage Loans: New Rules
• Housing: Residential Ground Leases
• Securities: No Liability Under Securities Exchange Act
• Cleveland Market Overview

Understanding the Energy Efficient Tax Deduction

Skoda Minotti, along with CLS Facility Services, invites...

This issue of the Real Estate Monitor includes the following articles:

• Survey of Northeast Ohio's Construction & Real Estate Industries
• Communicating the Value of Development Projects Through Economic Impact Analysis
• The Outlook for Construction and Real Estate
• Commercial Real Estate: How Will Refinancing Take Place?
• Proposed New Accounting Rules
• Due Diligence: Purchase With Care
• Leases Checking: Property Tax Invoices 
• Upholding a Letter of Intent
• Cleveland Market Overview

Survey of Northeast Ohio's...

With no foreseeable end to the decline in construction volume, general contractors (GC) should recognize the potential for increased subcontracting defaults and take steps to prevent or reduce their impact. 

When the industry was booming, the concern about subcontractors was whether they could meet project specs and timelines, whether they employed enough skilled workers; or how skyrocketing material prices would challenge successful project completion. 

Now-a-days, here are several ways to...

This issue of Construction Connections includes the following articles:

• 2010 Construction Outlook
• Ten Steps to Safety
• Lost Productivity Damages
• Surety Market Update

The construction market ended 2009 in as bad a shape as it has been in for almost two decades, with non-residential construction plummeting and housing construction at record post-World War II lows. For the overall economy, however, the year ended with a host of indications that recession was morphing into...

In today’s economy, it is crucial to keep good tenants. The following nine points will help you maintain maximum occupancy in an uncertain environment:

1. Understand the tenant’s business. Research their industry so you can credibly talk about their business, and make them feel that you understand their concerns in today's economic conditions. 
2. Respond reasonably to rent relief or downsizing. This entails a two-step process consisting of listening to the request, and then formulating a personal...

Building Information Modeling, or BIM, has been around for decades but has caught the attention of the construction industry in the last several years and is continuing to pick up momentum for good reason.  Implementing BIM has helped contractors streamline their job costing which is one of the most important activities performed by those working in the construction industry.  Some contractors are spending as much as 50% of their time doing so and it has been estimated that, in 2009, project...

According to an article in Retail Traffic, major big-box retailers have informed about 700 shopping center owners that they will be reducing their rent 25%, no questions asked. Included in the letter was their first rent check, at the reduced rate. Owners and retailers have both been hurting in this poor US economy and each are trying to keep their head above water by reaching a common ground. With vacancy rates rising and retail sales decreasing, roles have switched from the past ten years and...

Looking for a low-cost construction financing option? The American Recovery and Reinvestment Act of 2009 created a new category of bonds - Recovery Zone Bonds (RZB). These bonds are intended to stimulate economic recovery in designated “recovery zones”. There are two categories of RZBs – Recovery Economic Development Bonds ($10 billion allocated) and Recovery Zone Facility Bonds ($15 billion allocated).

Recovery Zone Economic Development Bonds – These are governmental bonds to be used for...

The CPAs, business and financial advisors in Skoda Minotti's Real Estate and Construction Group recently authored an article for Builders Exchange Magazine.

The article summarizes some important accounting and tax provisions that construction professionals need to keep in mind. The article highlights the American Recovery and Reinvestment Act, the Energy Policy Act of 2005, qualified rehabilitation and low income housing tax credits.

To view this helpful article, click here.

Looking for a...

Hello, and welcome to the first blog entry from the Skoda Minotti Real Estate and Construction Group!  We are excited to roll-out our new website, and will periodically bring you up-to-date on recent events, changes in market conditions, educational opportunities, tax-savings tips… anything that can help you in your real estate or construction business.  We strive to connect you and your business contacts to our real estate and construction world.

We encourage you to browse through our Real...