Ripple Effects of COVID-19 on the Construction Industry

October 5, 2020

Fluor Hits the Floor – $1.7B Loss: A Wakeup Call for the Construction Industry

The Texas-based construction company Fluor recently announced its 2019 financial results, revealing staggering figures brought on by the COVID-19 pandemic. This case sheds light on harsh truths and the new reality for the construction industry. Here’s what else you need to know:

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Offer FSAs to Employees? You May Need to Act Before Year End

October 1, 2020

During this pandemic year, many employees have relied on flexible spending accounts (FSAs) to pay for health care and dependent care costs. This includes expenses related to COVID-19. Employers that offer employees FSAs also reap several benefits. But if you offer employees FSAs, it’s important for both employers and employees to keep abreast of the latest changes, including those that may affect important decisions before the end of 2020.

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Push for Telemedicine Advances During the COVID-19 Pandemic

September 1, 2020

During the COVID-19 public health emergency, the use of telehealth services has skyrocketed, especially among at-risk seniors and patients located in rural areas with limited access to health care. In recent months, telemedicine has proven to be an effective and cost-efficient way to deliver care to patients — and government officials have taken notice.

If your company’s health insurance plan doesn’t already offer telemedicine options to workers, it’s time to consider adding it. If you do offer telehealth services, encourage employees to choose this option over traditional in-person appointments for preventive and other nonessential visits.

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Managing Risk for Remote Workforces in a Post-COVID-19 World

September 1, 2020

Pundits are predicting that even after the COVID-19 pandemic is ultimately brought under control — which might not occur for many more months — work-at-home arrangements will be more common than before the pandemic.

“While the experience of working at home during the crisis may not have been ideal as whole families sheltered in place, it will give people a taste of what could be. The genie is out of the bottle and it’s not likely to go back in,” predicts Kate Lister, president of Global Workplace Analytics (a California-based research and consulting firm). She estimates that 25% to 30% of the workforce will be working from home multiple days a week by the end of 2021.

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Beware: Retirement Plan Loan Defaults Can Be Costly

August 19, 2020

Economic fallout from the COVID-19 crisis may cause some cash-strapped individuals to default on loans they’ve taken out from company qualified retirement plans, including 401(k) and profit-sharing plans. Defaulting on a plan loan will cause adverse tax and retirement-saving consequences. Here are the details.       

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5 Mid-Year Tax Planning Ideas for Small Business Owners

August 5, 2020

The second half of 2020 has begun. What steps can small business owners take today to lower taxes for the current tax year? Alternatively, would it make more sense to maximize taxable income this year if you expect higher income and/or unfavorable changes to the tax law starting in 2021?

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How to Avoid Penalties on Early Retirement Account Withdrawals

August 5, 2020

Economic fallout from the COVID-19 crisis may cause some cash-strapped individuals to default on loans they’ve taken out from company qualified retirement plans, including 401(k) and profit-sharing plans. Defaulting on a plan loan will cause adverse tax and retirement-saving consequences. Here are the details.

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Government Contracts and the STR

July 22, 2020

With the Federal government planning to ramp up infrastructure spending to get the economy going with “nation building” projects, the opportunity is ripe for businesses to take full advantage and tender for these contracts. Before you dive into writing your tender, you should be aware that any contracts over $4m (including GST) will require your business to obtain a statement of tax record (STR) from the ATO.

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Why Maintaining Payroll Records Remains an Absolute Must

July 22, 2020

The COVID-19 pandemic has forced many small businesses to reduce their operations, furlough workers and even shut down for a period. But this doesn’t mean employers can allow payroll recordkeeping obligations to lapse. Your business is still responsible for creating and maintaining records for possible inspection by the Equal Employment Opportunity Commission (EEOC) and the Department of Labor (DOL).

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Tax-Favored QSBC for the COVID-19 Era and Beyond

July 6, 2020

The COVID-19 crisis has taken a toll on many small businesses. But some winners are expected to emerge from the wreckage. Unprecedented steps will be taken to guard against health risks from COVID-19 and whatever might come along next. The new normal will create new opportunities. Small businesses that can respond to those opportunities will survive and thrive.

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