CDABP TRAININGS
Business , Financial Reporting , and Tax Tips for Construction Firms
On December 17 , 2024 , MWIS hosted a webinar on Business , Financial Reporting , and Tax Tips for Construction Firms , presented by Glenn Carniello , a Certified Public Accountant ( CPA ), Certified Construction Industry Financial Professional ( CCIFP ), and Partner at Eide Bailly LLP . Based in Orange County , Glenn focuses on serving business owners in the construction sector .
Topics covered included developing a robust financial reporting system , key financial statements and metrics , calculating percentage of completion , underbilling and overbilling , operational job meetings , change order management , and building a network .
The session opened with an emphasis on the importance of financial reporting and robust , accurate , and timely systems . Construction-specific accounting techniques , such as percentage-of-completion calculations , were explained in detail , with scenarios highlighting how proper reporting can prevent financial stress and improve decision making . Glenn discussed financial statements and metrics , including balance sheets , income statements , gross profit margin , and debt-to-equity ratio , revealing their roles in managing operational efficiency and sustaining business growth .
He dedicated a significant portion of the session to the nuances of taxes in the construction industry . While Glenn Carniello , CPA , CCIFP , and Partner at discussing the differences between S-corporations and Eide Bailly LLP C-corporations , Glenn emphasized the importance of proactive tax planning , particularly for S-corporations . He warned about the “ April surprise ” risk , when contractors are caught off guard by tax liabilities due to a lack of planning during the prior year .
Glenn recommended , “ It ’ s a good idea to have your CPA do some projections for you so that you don ’ t get that April surprise . I ’ ll also tell you never do anything purely for tax purposes . Should I buy equipment ? It ’ s a big deduction , right ? Yeah , if you need it . If you were going to buy it in
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