Construction is a highly competitive industry. Construction companies need to be proactive and strategically plan for their future. Project cycles, cash flow, financing, bonding and operational issues are different in every company. Our intimate knowledge of the industry provides value-added insight into the challenges construction company leaders face every day.
This knowledge enables us to work as a team with our clients, helping them efficiently navigate business challenges they face. By improving financial reporting and controls, structuring incentive plans that aid in employee retention and attraction, creating and implementing effective succession plans, and identifying tax efficient strategies, the team offers the guidance companies need to achieve their goals.
Anchin is well respected among banks, sureties and other industry professionals. Our ability to help you present and communicate your financial information will be beneficial in securing bonding and credit.
Throughout the year, Anchin’s Construction Group presents industry leading events and experiences. Anchin’s annual State of the Construction Industry event and annual New York Construction Awards events bring industry leaders and companies together to discuss key developments in the marketplace as well as providing a forum for networking opportunities. Anchin also maintains close relationships with leading industry organizations which keeps us well connected with the industry.
To sign up for our Construction email list, click here.
- Financial reporting
- Tax planning
- Tax credits and incentives
- Research and development tax credits
- Regulatory compliance and investigations
- Mergers and acquisitions
- Sales and use taxation
- Estate planning
- Succession planning
- Employee recruitment and retention
- Stephenson & Brook
Research and Development
Research and Development (R&D) tax credits are a powerful though underutilized tool that can make a big difference for small to mid size construction companies. Many recent industry innovations including BIM (Building Information Management) modeling and GPS laser plotting along with a push for more energy efficient, “greener” designs have transformed development projects within the industry. Due to the increasingly technical nature of system and structure design, many activities performed by companies in the construction industry may qualify for R&D tax credits.
Anchin’s professionals understand the important issues that arise when examining potentially qualifying construction industry projects and related expenses. Our industry in accurate, highly defendable tax credit calculations. Our dedicated construction team includes audit, tax and advisory professionals with years of experience identifying issues and solving problems for every type of business within the construction industry subsectors, including the following types of services:
- Acoustics, noise and vibration
- Air quality testing and evaluation
- Building envelope design
- Civil/site engineering
- Electrical engineering
- Environmental assessments
- Geotechnical and seismic evaluations
- Hazardous materials, site assessment and remediation
- Mechanical engineering
- Structural engineering
- Traffic and transportation
Anchin’s construction industry R&D team is particularly skilled and experienced at identifying qualifying projects and initiatives in each area of your business and we are experts at examining and capturing all allowable expenses towards your company’s research credit. We work with clients interested in claiming the R&D tax credit for the first time and those who have difficulty meeting the contemporaneous documentation requirements needed to support their R&D claim. We also assist clients who have had a significant portion of their R&D claim disallowed and those who need to reassess their R&D tax credit calculation because the nature of their business has changed.
Regulatory Compliance and Investigations
Anchin’s Regulatory Compliance and Investigations team is comprised of specialists with expertise and experience in providing oversight in both the public and private construction sectors throughout the pre-construction, construction and post-construction stages, ensuring that any and all questions or challenges you face can be easily resolved by our team. Our clients include public entities, Fortune 1000 corporations, Global 100 companies, public-private partnerships, healthcare networks, private ownership groups and not-for-profits. By leveraging our expertise, proprietary information, and existing relationships with state and local governments and non-governmental organizations the RCI team can assist contractors with their MWBE outreach efforts and ensure proper oversight on their projects.
Key services for construction companies include:
- Monitoring compliance with key regulations like the MWBE requirements established in Article 15-A of the New York Executive Law and ensuring that deadlines and reporting requirements are met without interruption to projects;
- Examining and monitoring compliance with minority, women, disadvantaged and small business goals and regulations by incorporating the latest digital systems, analytical procedures, controls and processes to ensure diversity goals throughout the bidding and buying out process, having a substantial impact on the final results of the project, including outreach, bid packet size and areas of greatest inclusion;
- Ensuring that developers and their subcontractors are complying with the prevailing wage by examining and processing certified payroll reports and wages paid in accordance with Davis-Bacon wage rates.
- Collecting monthly payroll reports, tracking wage averages and otherwise assisting with the analysis needed to verify compliance with the hourly wage requirements established in Section 421-A of the Affordable New York Housing Program.
“Our construction company is growing and we needed advisors who could help us focus on the big picture. Partnering with Terry and the team at Anchin two years ago was one of the best moves we have made as a business. We feel that that they treat our business as if it were their own. They are responsive and provide proactive tax saving ideas for our family business. With multiple generations in the business and a need for estate and family planning, we know we can count on Anchin. Anchin has helped to guide us down a path towards greater success and we’re excited to see what the future holds for our company.”
-The Perfetto Family, Perfetto Contracting Co., Inc.
- Testimonial: Perfetto Contracting Co., Inc.
"We feel that that they treat our business as if it were their own."
- R&D Tax Credits Case Studies: Architecture/Engineering/Construction
The following are two examples of client development efforts in the A/E/C industry which further illustrate the types of projects and activities that will potentially qualify
- Recent Guidance on Treatment of PPP Loan Forgiveness Affects Tax PlanningJanuary 3, 2022
While 2021 has come to a close, the recent guidance from Rev. Proc. 2021-48 related to the timing of the PPP forgiveness income could still have a significant impact on tax planning.
- The $1.2 Trillion Infrastructure Bill and What it Means for A&E and Construction CompaniesDecember 8, 2021
President Biden recently signed the $1.2 trillion infrastructure bill into law, providing for $550 billion of new infrastructure investments for bridges, roads, broadband and water and energy systems. After decades without investment, our roads, bridges, and water systems need rebuilding. This investment in our country’s backbone will help strengthen our nation’s infrastructure as well as create an estimated 2.4 million additional jobs by the end of 2025.
- Opportunity for Businesses: The COVID Economic Injury Disaster Loan (EIDL) Limit Increases by $1.5 million to $2 millionSeptember 22, 2021
On October 8, 2021, the Small Business Administration (SBA) will begin approving COVID EIDL applications for loans greater than $500,000, increasing the COVID EIDL cap to $2 million. COVID EIDLs are loans directly from the SBA that must be repaid. Proceeds from a COVID EIDL can be used for working capital to make regular payments of operating expenses, and to pay business debt incurred at any time in the past, present, or future.
- Paycheck Protection Program (PPP) - Key Updates on Loan Forgiveness FilingsAugust 19, 2021
Many Borrowers who took out their first draw PPP loans in April 2020 and May 2020, but have not yet filed for forgiveness, have likely been contacted by their bank regarding the due date of the loan forgiveness application. A PPP borrower typically has until 10 months after the end of its Covered Period (which lasted up to 24 weeks after the date that the loan was funded) to file for forgiveness before the Borrower is required to begin making payments on the loan.
- Anchin is recognized by Construction Executive in The Top 50 Construction Accounting Firms™ for 2021August 19, 2021
Anchin has once again been recognized by Construction Executive in The Top 50 Construction Accounting Firms.™
- Interest in Opportunity Zones Peaks as Higher Rates LoomJuly 27, 2021
The real possibility of higher capital gains rates has fueled interest by investors in opportunity zone funds. While Code Section 1400Z, providing for the funds, was slipped into the Tax Cuts and Jobs Act late in the legislative process and with little fanfare, it quickly became popular with investment advisors.
- Securing Your Data: Practical Cybersecurity Steps for the Architecture, Engineering and Construction (A/E/C) IndustriesJune 22, 2021
As the corporate world is evolving and becoming more accepting of working remotely, every company is facing an increased threat of cybercrimes. The average cost of a data breach continues to rise and was more than $8 million last year. Many of our clients ask us what they can practically do to help protect their organizations.
- Is Your Construction Company Ready for Transition?June 2, 2021
Successfully transitioning a closely held construction business to the next generation while providing an exit strategy to the current owners is one of the most important and challenging tasks faced by ownership.
- Pittsburgh Mayor Cracks Down on Construction FraudMay 14, 2021
In light of recent incidents involving unreported cash payments by subcontractors on construction projects, Pittsburgh Mayor William Peduto has signed an executive order to combat construction fraud, promote worker safety and protect city tax revenue. The Construction Fraud Executive Order cracks down on fraudulent construction companies that commit tax, insurance and workers’ compensation fraud. It also aims to stop the practice of paying workers in cash to avoid taxes.
- What A/E/C Firms Need to Know About the R&D Tax Credit and the Employee Retention CreditMay 7, 2021
In order to stimulate the U.S. economy during the pandemic, the federal government enacted stimulus initiatives including the Paycheck Protection Program (PPP). The PPP enabled a business to receive a loan, with the ability to be forgiven if used according to loan guidelines that were put in place to help businesses keep their workforce employed during the COVID crisis. While many architecture, engineering, and construction (A/E/C) businesses successfully participated in the program, receiving the loan and later applying for and receiving forgiveness, the tax ramifications of receiving a PPP loan initially were somewhat unclear. One area of uncertainty was the tax deductibility of expenses covered by the PPP, which would also impact and reduce the expenses that could be claimed for the Research and Development (R&D) tax credit.
- Call for Entry: Anchin Construction & Design AwardsApril 23, 2021
Nominations are open for the 2021 Anchin Construction & Design Awards, presented in cooperation with the New York Building Congress (NYBC), the American Council of Engineering Companies of New York (ACEC New York) and the Subcontractors Trade Association (STA).
- Key Updates Regarding the Expansion of COVID-19 Economic Injury Disaster Loans (EIDL)April 22, 2021
The Small Business Association (SBA) has issued various updates related to the amount of disaster loans available to address the ongoing strife faced by many businesses in the wake of the COVID-19 pandemic, including the potential to request an increase to an existing loan.
- The $2.25 Trillion Infrastructure “American Jobs Plan” and What it Means for the Architecture, Engineering and Construction CommunityApril 5, 2021
President Biden has put forward the long-awaited $2.25 trillion “American Jobs Plan” spending proposal for a massive infrastructure renovation. The “American Jobs Plan” lays out a budget of $621 billion for transportation infrastructure; $689 billion for building and utilities; and $500 billion for worker training, research and development, and domestic manufacturing initiatives.
- What Architecture, Engineering and Construction Firm Owners Need to Know About the Impact of a Full or Partial Suspension on the Employee Retention CreditMarch 25, 2021
A/E/C firms that experienced some type of government suspension in 2020 may qualify for this credit even if they did not have the required reduction in Gross Receipts. Even if you were considered an essential contractor, you may still qualify as having experienced a partial government suspension.
- The 30% Participation Goal for MWBEs: Challenges and OpportunitiesMarch 16, 2021
Previously, New York Governor Andrew Cuomo reauthorized the Executive Law Article 15-A to extend until December 31, 2024. Originally signed into law in July of 1988, this law seeks to level the playing field for minority and women-owned business enterprises (MWBEs) by establishing goals for MWBE involvement in construction projects. The newest participation goal is 30% of the budget for each year of your grant and is established based on the results of a 2016 disparity study.
- What You Need to Know About the American Rescue Plan Act of 2021March 12, 2021
On March 11, 2021, the American Rescue Plan Act of 2021 (ARP) was signed into law by President Biden. The contents of the $1.9 trillion bill are mostly in line with the plan set forth by President Biden before he was inaugurated on January 20. The package is intended to provide additional economic relief related to the ongoing COVID-19 pandemic, and the majority of funds are allocated towards enhanced unemployment relief, expanded funding for COVID-19 relief programs, aid to state and local governments, and assistance to schools. From a taxpayer perspective, the bill included tax provisions that provide relief both to businesses and individuals through enhancements, and expansions of credits and programs that were put in place to keep families and small businesses afloat through the ongoing crisis. This includes an extension of payroll tax credits first instituted at the start of the pandemic for businesses.
- Do You Qualify for the Tax Benefit of Home Office Deductions?March 9, 2021
Are you one of the millions of people working from home during the COVID-19 pandemic? To contain the spread of the COVID-19 virus, many business owners and their employees were required to work from home. After incurring the costs to set up a workstation, you may have noticed that you are using more electricity and water, talking more on the phone, and relying on an extra cost super-fast internet connection to get your work done. How should you treat these extra costs? Have you been wondering whether you can claim a federal tax deduction for home office expenses? Here is what you need to know about qualifying for home office tax deductions.
- Paycheck Protection Program (PPP) – What You Need to Know About the Certification for Economic Uncertainty for First Draw and Second Draw LoansMarch 8, 2021
On March 3, 2021, the Small Business Administration (SBA) updated its Frequently Asked Questions (FAQs) for Lenders and Borrowers. There are now 65 FAQs that address various issues impacting the PPP loan program. There is a separate set of FAQs specifically focused on PPP Loan Forgiveness. This Alert is focused on FAQ 46, which was revised on March 3, 2021 to include a response for Second Draw loans.
- Anchin Opens Long Island Office to Accommodate Growing Team of Industry Experts March 4, 2021
Anchin is pleased to announce that it has opened an office on Long Island, in Uniondale, New York.
- Be Careful of the Hidden Impact of PPP Loan Forgiveness on FAR Overhead RatesMarch 2, 2021
At first glance, it may seem like a no-brainer for architecture, engineering or construction (“AEC”) companies to apply for forgiveness of their Paycheck Protection Program (“PPP”) loan. If the loan qualifies for forgiveness, the forgiveness is not taxable, and, thanks to recently passed legislation, the expenses paid with the loan proceeds are deductible. In effect, this would be tax-free money from the government. However, an AEC company that participates in government contracts has other considerations related to PPP loan forgiveness – primarily the potential impact of forgiveness on Federal Acquisition Regulation (“FAR”) overhead rates. An AEC company that participates in government contracts must frequently calculate indirect costs (overhead) rates before submitting a bid for a contract.These rates must be compliant with the FAR, a complex set of rules governing the federal government's contract process and the rates to be billed under the contract.
- What Contractors and Their Financial Partners Need to Know Related to PPPFebruary 25, 2021
Now that calendar year contractors are in the midst of preparing their financial reports for 2020, it is time to understand how banks and sureties will evaluate the PPP loans that may be included as liabilities on the contractors’ balance sheets at December 31, 2020. How will banks and sureties view PPP loans in light of an entity’s equity value and loan covenants?
- Anchin’s Olamide Ajibesin Named to 2021 Top 25 Most Influential Women in Mid-Market M&AFebruary 1, 2021
Mergers & Acquisitions names 2021 Top 25 Most Influential Women in Mid-Market M&A, including Anchin’s Olamide Ajibesin.
- Additional Relief For Businesses: First Draw PPP Loans and Changes to the Forgiveness RulesJanuary 12, 2021
The focus of this Alert is to summarize the rules and regulations for Borrowers who either will be applying for their First Draw PPP Loan or who want to amend their existing PPP loan by applying for additional funding. In addition, we will outline some changes to PPP loan forgiveness.
- Round 2 – What the Latest SBA Guidance on the Paycheck Protection Program (PPP) Means For You When It Comes to Drawing a Second LoanJanuary 11, 2021
The focus of this Alert is to summarize the rules and regulations for PPP Second Draw Loans regarding eligibility, applications, and forgiveness. This Alert will be followed with one that addresses rules and regulations for Borrowers who either will be applying for their First Draw PPP loan or for Borrowers who want to amend their existing PPP loan and apply for additional funding.
- Accelerate Innovation As the Pandemic Lingers, But Keep Your Firm's Adoption RigorDecember 31, 2020
ConTech startups need to clear a high bar and demonstrate tested, added value in construction.
- New Stimulus: What You Need to Know about the Tax Provisions of the Consolidated Appropriations Act, 2021 (The Act) December 30, 2020
Additional relief is on the way for individuals and businesses. Here are the key provisions of the additional round of stimulus in The Act passed by Congress and signed by the President.
- Paycheck Protection Program (PPP) – Round 2 December 28, 2020
On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021, (the “Relief Act”), which includes a relief package consisting of $900 billion in aid to small businesses and individuals impacted by COVID-19. The focus of this Alert is to address changes made to the Paycheck Protection Program (PPP) through Title III – Continuing the Paycheck Protection Program and Other Small Business Support (Section 301-348) of the Relief Act.
- Expenses Paid for with PPP Loan Funds are Now DeductibleDecember 28, 2020
After many months of debate and consternation, Congress has finally overridden the guidance issued by the IRS and Secretary Mnuchin regarding deducibility of expenses paid for with PPP loan funds.
- What IRS Guidance on Deductibility of PPP Expenses Means To YouNovember 30, 2020
The forgiveness of a Paycheck Protection Program (PPP) loan is excludible from taxable income. Earlier this year, the Treasury Department released Notice 2020-32 which states that expenses paid with the proceeds of a forgiven loan should not be deductible for tax purposes, as that would result in a double tax benefit. Many professional tax advisors thought the IRS reasoning behind Notice 2020-32 was not sound and did not match the original intent of Congress when they made forgiven PPP loan proceeds excludible from income. Indeed, the Congressional Budget Office had to “rescore” the cost of the legislation as they assumed the expenses would be allowed as a deduction. All are waiting for additional legislative guidance to clarify this matter. While certain members of Congress, on both sides of the aisle, have voiced opposition to the IRS position, no legislation has been forthcoming to date.
- The SBA Issues PPP Loan Necessity Questionnaires for Loans of $2 Million or Greater for CommentNovember 10, 2020
On October 26, 2020, the Small Business Administration (SBA) announced in the Federal Register two new forms: Form 3509, PPP Loan Necessity Questionnaire (For-Profit Borrowers), and Form 3510, Loan Necessity Questionnaire (Non-Profit Borrowers). Although these forms have not been widely distributed, the SBA is accepting public comment on them through November 25, 2020.
- Three Anchin Professionals Named to Crain’s New York Business 2020 List of Notable Women in Accounting and ConsultingOctober 8, 2020
Anchin is proud to recognize Lami Ajibesin, Mela Garber and Terry Pissi for being awarded inclusion on Crain’s Notable Women in Accounting and Consulting list for 2020.
- Paycheck Protection Program (PPP) Loan Forgiveness – A Focus on Calculating FTEs September 29, 2020
Many Borrowers are still in the process of gathering payroll data, health and retirement costs, rent, utilities and mortgage interest costs so that they can file their PPP Loan Forgiveness Application. Although there may be many questions on various facets of how to calculate eligible payroll and non-payroll costs, the focus of this Alert is on the definition of average Full-Time Equivalent (“FTE”) Employees and how this is calculated.
- Social Security Tax Deferral Raises Questions and ConcernsSeptember 8, 2020
In our previous communication, we wrote about President Trump’s executive order allowing a deferral of the employee’s portion of FICA or social security tax (6.2% of wages). The Treasury just released Notice 2020-65 providing some additional guidance on the topic. Unfortunately, many questions remain unanswered.
- How Lenders Are Helping AEC Firms Cross COVID HurdlesSeptember 3, 2020
Financially stable architecture, engineering and construction firms have been able to roll with work stoppages and workforce issues, says Phillip Ross of Anchin.
- What A/E/C Firms Need to Remember About the CARES ActAugust 31, 2020
At this point, so much has happened this year that the CARES Act may seem like old news, yet its tax provisions remain in effect and, in some cases, beyond 2020 (unless subsequent legislation changes them). Careful planning may allow architecture, engineering and construction (A/E/C) firms to fully benefit from the wide and varying tax relief offered.
- Paycheck Protection Fraud Is Massive And UnsurprisingAugust 29, 2020
Brian Sanvidge, Leader of Anchin's Regulatory Compliance and Investigations Group, was interviewed by Peter J. Reilly of Forbes.
- How the New Interim Final Rule May Impact Your PPP Loan ForgivenessAugust 26, 2020
This week, the SBA issued a new Interim Final Rule (IFR) on the Treatment of Owners and Certain Nonpayroll Costs that greatly impacts many PPP borrowers.
- Anchin is recognized by Construction Executive in The Top 50 Construction Accounting Firms™August 24, 2020
Anchin has once again been recognized by Construction Executive in The Top 50 Construction Accounting Firms.™
- What Does the Executive Order Deferring Payroll Tax Mean For You?August 18, 2020
President Trump recently released a memorandum on deferring the withholding, deposit and payment of the employee’s share of the 6.2% social security tax on wages paid during the period of September 1, 2020 through December 31, 2020. This deferral only applies to employees with bi-weekly pre-tax income of less than $4,000. This approximates an annual salary of $104,000. Treasury Secretary Mnuchin recently stated that participation in this program is optional for an employer. Should you participate? Here are a few concerns and considerations to help you make that decision while additional details are released.
- Anchin Welcomes Construction Industry Tax Specialist Joseph Molloy to the Architecture & Engineering and Construction Industry GroupsAugust 18, 2020
Joseph is the latest addition to the AEC team and will provide resources to support the team's ongoing growth. His focus on delivering timely and valuable tax strategies fits well with the breadth of tax services provided by the team, including Federal and State Tax Credits, and accounting method options.
- How the Most Recent FAQs on PPP Loan Forgiveness May Impact YouAugust 10, 2020
On August 4, 2020, the Small Business Administration (the “SBA”), in consultation with the U.S. Department of the Treasury (the “Treasury”), issued guidance in the form of Frequently Asked Questions (“FAQs”) on PPP Loan Forgiveness. Some longstanding questions were answered (e.g., what is transportation under utilities? See below for the answer), other questions were not, and some FAQ answers raise new questions. The FAQs are structured in four categories: (i) General Loan Forgiveness FAQs (3 in this section), (ii) Loan Forgiveness Payroll Cost FAQs (8 in this section), (iii) Loan Forgiveness Nonpayroll Costs FAQs (7 in this section), and (iv) Loan Forgiveness Reductions FAQs (5 in this section). In this outline, we will revisit how we got here and address some of the key FAQs that resolve questions related to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
- INSIGHT: Taking Another Look at the Foreign-Derived Intangible Income DeductionJuly 24, 2020
The Foreign-Derived Intangible Income (FDII) income deduction is not the simplest of calculations. Gwayne Lai, Amanda Scott, and Yair Holtzman of Anchin show how some taxpayers can use existing R&D data to get a head start.
- U.S. Tax Court Reaffirms Architecture, Engineering and Construction Industry’s Right to Claim R&D Tax CreditsJuly 7, 2020
Taxpayers within the Architecture, Engineering and Construction (AEC) industry received a big win from the U.S. Tax Court this past December. The Tax Court’s decision reaffirmed that AEC industry companies contracted by developers or other clients are indeed eligible to claim R&D tax credits for research activities they perform. This has long been a contentious issue between the IRS and AEC Industry taxpayers. Populous Holdings, an architectural design services company, had claimed R&D tax credits on its 2010 and 2011 tax returns totaling nearly $300,000. The IRS disallowed these claims, arguing that the research activities were funded by Populous clients who contracted with the company for its services.
- Paycheck Protection Program (PPP) Loan Forgiveness Interim Final Rules ReleasedJune 26, 2020
Additional guidance has been released on the PPP Loan Forgiveness process. This guidance is critical to converting PPP Loans into the “grants” that many businesses need to survive. Carefully following the guidelines will allow you to maximize loan forgiveness.
- Economic Injury Disaster Loans (EIDL) Portal Reopening Offers Additional Relief For BusinessesJune 23, 2020
Last week, the Small Business Administration (SBA) resumed accepting new online applications for EIDL and related emergency grants.
- New EZ and Revised PPP Forgiveness Applications for the Paycheck Protection Program (PPP) ReleasedJune 18, 2020
On June 17, 2020, the Small Business Association (SBA) in consultation with the Department of the Treasury, posted a revised PPP loan forgiveness application and instructions (Form 3508 - revised June 16, 2020), which implements the PPP Flexibility Act of 2020 that was signed into law on June 5, 2020. In addition, the SBA also published a new “EZ” version of the loan forgiveness application – Form 3508EZ.
- Seeing Around Corners: Positioning Your Business For A Post-Lockdown Environment June 11, 2020
Managing Partner Russell B. Shinsky shares what considerations business leaders should make as the economy gradually begins to reopen.
- The Latest Updates on the Paycheck Protection Program Flexibility Act and the Main Street Lending ProgramJune 10, 2020
Late Monday, the SBA and Treasury issued a joint press release that was followed by a press release from the Federal Reserve (“The Fed”).
- PPP Flexibility Act Becomes LawJune 8, 2020
The U.S. government has enacted changes to the Paycheck Protection Program (“PPP”) including the relaxation of PPP Loan Forgiveness rules with the goal of making it easier for many businesses to qualify for loan forgiveness on a larger portion of their loans. These changes were signed into law on Friday, June 5, 2020 through the Paycheck Protection Program Flexibility Act of 2020 (PPPFA). This new legislation contains many important changes to the PPP.
- Congress Provides Welcome Modifications to PPP In New BillJune 4, 2020
Congress has acted to change the Paycheck Protection Program (“PPP”) including to relax PPP Loan Forgiveness rules with the goal of making it easier for many businesses to qualify for loan forgiveness on a larger portion of their loans. The extended “shutdown” of many areas begged for an extension to the forgiveness period as well as an easing of other requirements of the program. The President’s approval is still required to enact this legislation.
- Federal Reserve Releases Further Guidance on $600 Billion Main Street Lending ProgramJune 1, 2020
On May 27, 2020, the Federal Reserve Bank of Boston released FAQs and form documents for the Main Street Lending Program, signaling that loans under this program will be made available soon. This Anchin Alert updates and supplements our previous Anchin Alert regarding the Main Street Lending Program issued on May 5, 2020.
- What the PPP Forgiveness Guidelines Mean For YouMay 18, 2020
The long awaited forgiveness procedures have been released after much delay and offer new details, yet leave many questions open. Here is an overview of what we know so far.
- What Partnerships and Seasonal Employers Need to Know About Requesting Additional PPP Loan AmountsMay 15, 2020
Anchin’s COVID-19 Resource Team continues to monitor ongoing updates to the PPP Program. Borrowers need to understand how these changes and clarifications may affect their application, loans and forgiveness. Here are new updates related to partnerships and seasonal employers.
- Important PPP Loan Update: FAQ #46 AND #47 Safe Harbor Guidance on Economic Uncertainty CertificationsMay 14, 2020
Additional guidance has been released related to how borrowers' certification of necessity for Paycheck Protection Program (PPP) loans will be evaluated by the Treasury. This topic has caused concern among borrowers since additional restrictions and conditions have been placed on PPP loans throughout the application and borrowing process. Here is some key information to assist you. The Department of the Treasury (the “Treasury”) has issued further guidance to borrowers who are required to make good-faith certifications concerning the necessity of their PPP loan requests. Since the passing of the CARES Act on March 27, 2020, the Treasury has issued 47 Frequently Asked Questions (FAQs) for PPP loans and responses. On May 13, 2020, the Treasury published FAQ #46: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? The Treasury’s answer separates PPP borrowers into two groups based on their loan size: borrowers with loans less than $2 million and more than $2 million. In addition, the Treasury published FAQ #47 which addresses the interim final rule posted on May 8, 2020. That rule provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required certification concerning the necessity of the loan request in good faith.
- Important PPP Loan Update: FAQ #46 Safe Harbor Guidance on Economic Uncertainty CertificationsMay 13, 2020
Additional guidance has been released related to how borrowers' certification of necessity for Paycheck Protection Program (PPP) loans will be evaluated by the Treasury. This topic has caused concern among borrowers since additional restrictions and conditions have been placed on PPP loans throughout the application and borrowing process. Here is some key information to assist you.
- An Overlooked Tax Benefit for Construction Firms: Business Interest Limitation ChangesMay 13, 2020
The Tax Cuts and Jobs Act (TCJA) of 2017 was generally a taxpayer-friendly legislation for the business community. However, there were several provisions in that Act that were implemented as revenue raisers to partially offset the cost of those tax breaks. One of those revenue raising provisions was the business interest expense limitation. This limitation can potentially impact construction companies of all entity types. The recently passed Coronavirus Aid, Relief and Economic Security (CARES) Act modified and increased the existing 30% business interest limitation to 50% for the years beginning with 2019 and 2020. For partnerships, this will not apply to years beginning with 2019, but only for 2020.
- What You Need To Know About Updates to the PPP Loan ProgramMay 6, 2020
The Treasury and the Internal Revenue Service continue to issue guidance on the PPP Loan Program and other COVID-19 relief programs. The updates have included additional FAQs, program reports and statements from the Treasury.
- Additional Relief: Federal Reserve Releases Additional Guidance on $600 Billion Main Street Lending ProgramMay 5, 2020
On Thursday, April 30, 2020, the Treasury Department and the Federal Reserve (the “Fed”) released updated guidance on the Main Street Lending Program, which is comprised of the Main Street Expanded Loan Facility (the “Expanded Loan” or “MSELF”), the Main Street New Loan Facility (the “New Loan” or “MSNLF), and a newly added third option, the Main Street Priority Loan Facility (the “Priority Loan” or “MSPLF”). Together, these three facilities comprise $600 billion of funding for loans to small and mid-sized companies on favorable terms in order to provide additional COVID-19-related financial relief.
- What to Know About the Research & Development (R&D) Tax Credit and the IRS’ New Compliance CampaignMay 1, 2020
The R&D tax credit can be a powerful incentive, often providing a hidden source of cash from prior years’ expenses while also serving to significantly reduce current and future years’ federal and state tax liabilities. The R&D tax credit is also a tool for refueling a company’s R&D efforts. Planning ahead by creating an infrastructure that identifies qualifying research activities and collects contemporaneous documentation is essential to reducing future tax liabilities and synthesizing an R&D tax credit that will be sustainable on audit examination. There has been a new development related to this credit.
- IRS Update: Deductions Related to Forgiven PPP Loans Are Non-DeductibleMay 1, 2020
Late yesterday, the Internal Revenue Service (“IRS”) issued Notice 2020-32, relating to the deductibility, for Federal Income Tax purposes, of the expenses paid with the proceeds of a PPP loan that is subsequently forgiven.
- Shared Work Programs Can Help Employers and Employees Navigate COVID-19 Business DisruptionApril 27, 2020
In the past few weeks, much attention has been focused on programs established as part of The CARES Act to assist employers and employees suffering from the business disruption caused by COVID-19. In addition to the new programs that have been created, existing unemployment programs can also benefit employers and employees in managing the current environment.
- Starting the Week with Critical Updates to the SBA Paycheck Protection ProgramApril 27, 2020
There have been additional developments over the last several days regarding the Paycheck Protection Program (PPP) and the only thing we can say with certainty is that more changes will come!
- An Update on PPP Loan ForgivenessApril 20, 2020
The CARES Act provides that PPP loans can be forgiven, on a federally tax-free basis, up to 100% of the amount borrowed if the company meets certain criteria.
- Anchin Architecture, Engineering & Construction Groups UpdateApril 17, 2020
Additional Guidance from SBA expands Eligibility Criteria for Partners & Self-Employed Individuals There are several updates to guidance on the PPP Loan Program that Architecture, Engineering, and Construction companies should take note of.
- Important Reminder – Update Your Calendar For New Tax DatesApril 14, 2020
The COVID-19 pandemic has changed so much about our personal and financial lives. One item to keep in mind is that the Internal Revenue Service, along with most states, have changed the due date for filing income tax returns and paying your balances for 2019, as well as your 1st and 2nd quarter estimated tax payments for 2020.
- Important Guidance on Calculating PPP Loan Forgiveness and Related Documentation RequirementsApril 13, 2020
Now that many eligible companies have applied for a PPP loan, and some have started to receive their loan proceeds, it is time to turn our attention to the rules for loan forgiveness.
- Additional Business Relief: Federal Reserve Releases Guidance on $600 Billion Main Street Lending ProgramApril 13, 2020
On Thursday, April 9, 2020, the Treasury Department and the Federal Reserve (the “Fed”) released details of the Main Street Lending Program, which is comprised of the Main Street Expanded Loan Facility (the “Expanded Loan Facility”) and the Main Street New Loan Facility (the “New Loan Facility”). Together, these two facilities will make up to $600 billion of funding available for loans to small and mid-sized companies on favorable terms in order to provide additional COVID-19-related financial relief. The Main Street Lending Program should provide much-needed liquidity to businesses that may not have qualified for a PPP loan under the CARES Act by having a special purpose vehicle created by the Fed purchase 95% of each loan from eligible lenders made under this program through September 30, 2020.
- PPP Clarifications from Treasury DepartmentApril 7, 2020
The Treasury Department has released FAQs providing further clarification of the PPP loan program. We suggest that you review this update carefully to determine how it may affect your application and the calculation of your loan amount.
- SBA Issues Interim Final Rule on PPP Loan ProgramApril 3, 2020
Last evening, the Treasury Department issued its first formal Rule related to the PPP Loan Program created by the CARES Act. In it, the SBA has waived the comment period and the normal 30-day delayed effective date, making this Rule effective immediately. The Interim Final Rule clarifies certain key components while other items remain unclear. Borrowers will need to carefully evaluate direction from the CARES Act, the Interim Final Rule and the Loan Application Instructions to determine the position that best fits their circumstances.
- PPP Loan Update – Urgent MatterApril 2, 2020
There are several areas of the PPP loan application process that are uncertain and that may require additional guidance. Until the Treasury and/or lenders provide additional clarification, business owners must evaluate whether they are able to file accurate applications which maximize benefits.
- Treasury Provides Clarity on the Paycheck Protection Loan ProgramApril 1, 2020
Further clarity from the Treasury Department was released yesterday on the PPP Loan Process.
- Navigating Uncharted Waters: Responding to the Business Impact of COVID-19March 31, 2020
While all organizations are in uncharted waters in dealing with the resulting economic turmoil, professional firms such as ours have a responsibility to help clients navigate through the crisis. Many businesses have addressed the immediate needs created by the pandemic: implementing remote workplace regimens, revising paid-time-off and other policies to assist employees, enacting customer support programs, etc. Having addressed the most urgent needs, it is now time to focus on issues that pose an existential threat to long-term business continuity and viability. Here is some advice that we’re sharing with our firm’s clients.
- Understanding How the Paycheck Protection Loan Program Can Provide Support For Your BusinessMarch 31, 2020
On Friday, March 27, 2020, The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), a $2 trillion stimulus bill, was signed into law. The CARES Act allocated approximately $350 billion to help small businesses keep workers employed and cover certain expenses while dealing with the impact the pandemic has had on the United States’ economy and its citizens’ health. The CARES Act established the Paycheck Protection Program (“PPP”) that enables qualifying small businesses to borrow up to $10 million. These loans are eligible to be forgiven, if the loan proceeds are used pursuant to criteria as defined in the CARES Act, and other requirements are met. Loans are available to eligible borrowers under this program through June 30, 2020. The CARES Act requires the Small Business Association (SBA) to draft regulations around implementation including a list of lenders regarding these loans. In addition, businesses who have taken out SBA Economic Injury Disaster Loans have further considerations as discussed here.
- Introducing Anchin’s COVID-19 Resource TeamMarch 30, 2020
To assist you with evaluating the broad range of programs now available, we have established the Anchin COVID-19 Resource Team, a coordinated group of experienced professionals that will work alongside your engagement teams, in claiming the benefits you need to meet your cash flow, maintain your workforce and handle other critical challenges.
- Senate Approves Over $2 Trillion in Relief to Ease Economic HardshipMarch 26, 2020
The Senate finally approved legislation providing over $2 trillion of relief designed to ease the hardship caused by the coronavirus outbreak. This legislation still requires approval from both the House and President. Approval from both is expected over the next few days.
- Coronavirus Stimulus Act UpdateMarch 25, 2020
Congress and the White House have agreed on a comprehensive package of relief for business, individuals, state and local governments and hospitals. The proposed package is still pending subject to a vote by the House and Senate, and approval by the President.
- COVID-19 Guidance for the Architecture & Engineering and Construction IndustriesMarch 25, 2020
The impact of the coronavirus has affected nearly every industry, and the A/E/C sectors are no exception. Although essential construction is exempt from the workforce order that Governor Cuomo announced on Friday, it is likely that there may be jobs shutting down or slowing down in the near future.
- Developing a Successful Employee Retention and Attraction PlanMarch 19, 2020
Here are three strategies your firm should consider to draw and retain talent to your business, according to Phillip Ross of Anchin.
- Evaluating The Best Tax Structure With The TCJA Tax CutsFebruary 6, 2020
With the Tax Cuts and Jobs Act (TCJA) going into effect, many construction business owners are re-evaluating their choice of entity. The TCJA has cut the federal “C” corporate income tax rate to a flat rate of 21% from a top rate of 35% and removed the corporate alternative minimum tax (AMT). Owners of pass-through entities — partnerships, S corporations and LLCs — are taxed on their shares of business income at rates as high as 37% (down from 39.6%). A C corporation offers substantial tax advantages for businesses. Pass-through entities offer advantages as well. Here are some factors to consider when determining whether to restructure your business as a C corporation.
- Anchin Discusses What’s Next in Real Estate and Construction With Distinguished Industry Leaders at Future Forward 2020February 4, 2020
Anchin hosted its 6th annual industry-leading forum, Future Forward 2020: What’s Next for New York Real Estate and Construction, on February 4 at the Sheraton New York Times Square Hotel. The half-day conference brought together leading real estate owners and developers, construction executives and other key business decision-makers to discuss the rapidly transforming New York City market.
- Anchin ranked as a Top 50 Construction Accounting Firm by Construction ExecutiveJuly 26, 2019
Anchin has been ranked as a Top 50 Construction Accounting Firm by Construction Executive Magazine recognizing the quality of Anchin's Construction Industry Group.
- Meet the Anchin R&D Tax Credits Team: Yair HoltzmanJanuary 29, 2019
As the Research & Development (“R&D”) Tax Credits Group Practice Leader, I am responsible for the leadership, strategic focus and business performance of the group. In this role, I oversee the R&D group’s growth, vision, diversification and development.
- Industry Spotlight – Architecture, Engineering & ConstructionJanuary 29, 2019
Architecture, engineering, and construction (“AEC”) firms frequently invest substantial resources to advance and improve building designs and processes. When contractors, architecture and engineering professionals develop and design new and innovative techniques, their activities may qualify for the R&D tax credit. As a result of unique project aspects and ever-changing structure and energy codes, many projects that appear similar on the surface are, in fact, at least partially new or improved with respect to function or performance.
- Avoiding Double Taxation from Selling a C-Corp – Not Easy but PossibleOctober 15, 2018
When the owner of a C-Corporation sells their business for a profit, the profits will be taxed twice: once at the corporate level and again when money is distributed to the owner/shareholders as a dividend. However, in some circumstances there may be a way to avoid the double taxation. It’s a difficult strategy to pull off but could be possible under the right conditions.
- Finally Some Digestible Meal and Entertainment GuidanceOctober 3, 2018
On October 3rd, the Internal Revenue Service released Notice 2018-76 providing transitional guidance on how the Tax Cuts & Jobs Act changes to the deductibility of Entertainment expense affects the 50% deductibility of business Meals that taxpayers and professionals had been hungering for. While the guidance is transitional, it provides clarity on some of the issues we had previously provided comments on:
- Industry Experts Address NYC Transportation and Infrastructure at Anchin’s 13th Annual State of the Construction Industry Event October 2, 2018
On Friday, September 28, leading New York City based construction accounting, tax and consulting firm Anchin hosted its 13th annual State of the Construction Industry Conference, “Building the Future: The Evolution and Impact of Transportation and Beyond,” at the Yale Club in midtown Manhattan.
- Industry Leaders and Rising Stars Honored at Anchin’s 11th Annual New York Construction Awards June 14, 2018
Leading businesses in the construction industry were recognized and honored at the 11th Annual New York Construction Awards, hosted by leading NYC-based accounting, tax and consulting firm Anchin on Thursday, June 14th at Club 101 in midtown Manhattan.
- Governmentʼs New Tax Law Helps Contractors Catch a BreakMay 2, 2018
The TCJA contains some significant provisions affecting contractors, including a potentially substantial (temporary) deduction for owners of 'pass-through' entities. Anchin's Marc Newman shares more with Real Estate Weekly.
- Maximizing Profits When Redeveloping BuildingsFebruary 26, 2018
At the Anchin Construction & Development Forum, real estate experts shared tips on getting the highest return on investment when repurposing old buildings.
- Anthony Mann Offers Insight During Panel Discussion On New York's Infrastructure NeedsFebruary 20, 2018
E-J Electric President & CEO Anthony E. Mann spoke at the 4th Annual Anchin Construction & Development Forum on Thursday, February 15, 2018.
- SL Green Realty CEO Says NYC’s Next Frontier Is VerticalFebruary 16, 2018
The Anchin Construction & Development Forum keynote speaker Marc Holliday emphasizes One Vanderbilt salutes the success of New York.
- Anchin Construction & Development Forum 2018February 15, 2018
The fourth annual Anchin Construction & Development Forum was held on February 15, 2018 at The New York Academy of Sciences.
- Tax Cuts and Jobs Act Substantially Limits Meals and Entertainment DeductionFebruary 14, 2018
The 2017 Tax Cuts and Jobs Act introduced some significant limitations to the meals and entertainment deduction. The new law makes two major changes to the meals and entertainment rules, which can impact your business.
- Tax Cuts and Jobs Act Offers Favorable Tax Breaks for BusinessesDecember 28, 2017
The Tax Cuts and Jobs Act (TCJA), which was signed into law on December 22, contains a treasure trove of tax breaks for businesses. Overall, most companies and business owners will come out ahead under the new tax law, but there are a number of tax breaks that were eliminated or reduced to make room for other beneficial revisions. Here are the most important changes in the new law that will affect businesses and their owners.
- The Tax Cuts and Jobs Act Doesn’t Cut the R&D Tax CreditDecember 27, 2017
On December 22nd, President Trump signed the Tax Cuts and Jobs Act of 2017 (“TCJA”) into law, setting the stage for the most sweeping update to the U.S. tax code since 1986 tax reform enacted under President Reagan. The centerpiece of the TCJA, is a permanent reduction in the corporate tax rate from approximately 35% to 21%. Thankfully, as expected, the final law has preserved the research and development (“R&D”) tax credit, which was made permanent in the Protecting Americans against Tax Hikes (“PATH”) Act of 2015.
- Tax Bill Impacts A/E/C IndustriesDecember 22, 2017
Today, President Trump has signed into law the “Tax Cuts and Jobs Act of 2017” (TCJA). The bill contains many provisions that will significantly impact the construction, architecture, and engineering industries.
- Congress passes biggest tax bill since 1986December 21, 2017
On December 20, the House passed the reconciled tax reform bill, commonly called the “Tax Cuts and Jobs Act of 2017” (TCJA), which the Senate had passed the previous day. It’s the most sweeping tax legislation since the Tax Reform Act of 1986. The bill makes small reductions to income tax rates for most individual tax brackets, significantly reduces the income tax rate for corporations and eliminates the corporate alternative minimum tax (AMT).
- Tax Reform Proposals Affect Partnerships and S CorpsNovember 16, 2017
On November 9, 2017 the Senate Republicans released their version of tax reform. The Senate version has similarities to the House’s proposal, but there are some distinct differences, including the relief for small businesses.
- Senate GOP Releases Tax Reform PlanNovember 14, 2017
The Senate released its long awaited tax reform proposal. While many similarities exist with the House bill many differences also exist. Here are a few observations.
- Compare and Contrast the House and Senate Tax BillsNovember 14, 2017
Many of the House and Senate provisions are similar. For example, both plans would repeal the alternative minimum tax and retain the charitable contribution deduction. However, there are a number of key differences. Here’s a look at some of the most significant.
- House Proposal Would Change Long Term Contract MethodNovember 3, 2017
Yesterday, the House Republicans released their proposal for tax reform. The House Bill proposes to increase the $10 million average gross receipts exception to the requirement to use the percentage-of-completion accounting method for long-term contracts to $25 million for tax years beginning in 2018.
- U.S. Research and Development Tax CreditOctober 30, 2017
Yair Holtzman, Leader of Anchin's Research and Development Tax Credits Group, explains how the credit works and shares his findings on the impact of the PATH Act.
- Year-End Tax Planning for Businesses: Looming Tax Reform Creates Planning ChallengesOctober 30, 2017
As the end of 2017 approaches, the prospect of dramatic tax reform makes year-end tax planning especially challenging. In late September, the Trump administration and Republican congressional leaders unveiled their Unified Framework for Fixing Our Broken Tax Code. The framework proposes reduced tax rates for businesses as well as changes to a variety of business tax benefits. But there’s a great deal of uncertainty over when — and if — tax reform will be implemented and which proposals could make their way into possible new tax legislation.
- Five Things to Know About the Future of Public Transportation in New York CityOctober 18, 2017
As presented by keynote speaker, Veronique (Ronnie) Hakim, Managing Director of Metropolitan Transportation Authority at Anchin’s 12th Annual State of the Construction Industry Event
- Four Key Takeaways From Anchin's State Of The Construction Industry EventOctober 16, 2017
The annual Anchin State of the Construction Industry event brought together major players in the construction community to discuss issues impacting the sector in New York City. Here, [Tarter Krinsky & Drogin LLP] Construction partner Laurie Stanziale explores some of the conference's key takeaways.
- Anchin Announces Winners of 2017 New York Construction AwardsJune 22, 2017
Anchin Block & Anchin LLP, host of the annual New York Construction Awards, awarded innovators, leaders and rising stars in the construction, architecture and engineering industries on June 14, 2017. This year’s winners were announced at an elegant ceremony at Bloomberg L.P. in New York City.
- Anchin Announces Winners of 2017 New York Construction AwardsMay 24, 2017
Anchin Block & Anchin LLP, host of the annual New York Construction Awards, has announced this year's winners.
- Call for EntryMarch 1, 2017
Nominations are open for the annual New York Construction Awards, presented by Anchin in cooperation with the New York Building Congress (NYBC) and industry partners, the American Council of Engineering Companies of New York (ACEC-NY) and the General Contractors Association of New York (GCA).
- Five Technology Innovations SharedFebruary 9, 2017
At the 2017 Anchin Construction & Development Forum, Mark Boekenheide of Hudson Yards, Jonathan Drescher of The Durst Organization, James Hannah of Bright Power, AJ Pires of Alloy, Peter Rosenthal of Savanna and Mitchel Simpler of Jaros, Baum & Bolles discussed the exciting and often risky topic of innovation as it relates to construction, design and development in and around NYC.
- Anchin Construction & Development ForumFebruary 9, 2017
The third annual Anchin Construction & Development Forum was held on February 9, 2017 at the TKP New York Conference Center. Hundreds of incredible, high-level professionals whose work greatly impacts the real estate, construction, architecture and engineering landscapes of the greater New York City area, came together to discuss trends, forecasts, ideas, innovations and other relevant topics.
- Rechler wonders: Maybe the dysfunctional Port Authority should be dismantled?February 9, 2017
Anchin Construction and Development Forum keynote speaker, RXR Realty CEO & Chairman Scott Rechler, on the state of the Port Authority
- No bills to build: The construction lending environment is tighter than everFebruary 9, 2017
Anchin Construction and Development Forum panelists on how unwelcoming the market is to newcomers
- Joint ventures: Look before you leapOctober 7, 2016
Partnering up with another construction firm can be beneficial, if you understand the inherent risks with a joint venture. Anchin's Marc Newman tells Real Estate Weekly why it's important to look before you leap.
- NYC Sees Sizable Jump in Construction Starts, Boosted by Far West Side DevelopmentFebruary 12, 2016
Anchin Construction and Development Forum speaker, Silverstein Properties Chairman Larry Silverstein, discusses thee state of New York real estate and construction.
- Silverstein talks 2 WTC, languishing luxury marketFebruary 12, 2016
Anchin Construction and Development Forum speaker, Silverstein Properties Chairman Larry Silverstein, discusses the state of New York real estate and construction.
- Paid Sick Leave to Be Required for Employees of Federal ContractorsSeptember 30, 2015
Dear Construction Clients and Friends, On September 7, 2015, President Barack Obama signed an Executive Order requiring federal contractors to offer their employees up to seven days of paid sick leave per year. The executive order will impact contracts entered into on or after January 1, 2017.
- Anchin announces MTA New York City Transit President, Carmen Bianco, as Keynote Speaker for the New York Construction Awards on June 11, 2015May 11, 2015
Anchin, Block & Anchin LLP host of the annual New York Construction Awards, is proud to announce Carmen Bianco, President of Metropolitan Transportation Authority (MTA) New York City Transit, as keynote speaker for the event. The New York Construction Awards will take place on June 11, 2015 at Club 101 in New York City.
- Anchin announces Paul Williams of the Dormitory Authority State of New York as Keynote Speaker for the New York Construction Awards on June 19, 2014May 7, 2015
The annual New York Construction Awards, presented in cooperation with the New York Building Congress (NYBC) and industry partners, American Council of Engineering Companies of New York (ACEC-NY) and the American Institute of Architects New York Chapter (AIA-NY), and hosted by Anchin, Block & Anchin LLP, will take place on June 19, 2014 at Bloomberg Headquarters in New York City.
- Court Case Impacts Eligibility of Capped Contracts for R&D Tax CreditsFebruary 16, 2015
On January 29, 2015, the United States Court of Appeals for the Eleventh Circuit affirmed a federal district court’s decision in Geosyntec Consultants, Inc. v. United States, No. 14-11107, disallowing the R&D tax credit for research expenditures linked to capped contracts.
- New York State Sales and Use Tax UpdateDecember 8, 2014
Dear Construction Clients and Friends, On October 23, 2014, the New York State Department of Taxation and Finance (DTF) issued a Technical Memorandum, outlining a new policy regarding the sales & use taxes application to temporary scaffolding, temporary pedestrian walkways (sidewalk bridges), and temporary hoisting systems installed at construction sites.
- Trends and Forecasts for New York’s Construction Industry Discussed at Anchin’s Ninth Annual State of the Construction Industry EventOctober 1, 2014
Anchin’s ninth annual State of the Construction Industry event was held in New York City on September 18, 2014. Presented in cooperation with the New York Building Congress (NYBC), the American Council of Engineering Companies of New York (ACEC NY), and the American Institute of Architects – New York Chapter (AIA-NY), the event is much anticipated by industry leaders as an indication of what they can expect in the coming year.
- Speakers Announced for Anchin’s Annual Construction Industry EventAugust 7, 2014
The partners of Anchin, Block & Anchin LLP are proud to announce the outstanding panel of industry executives for the State of the Construction Industry event, which will take place at 7:45 a.m. on Thursday, September 18, 2014, at Club 101, 101 Park Avenue. This high-level industry event will provide an outlook of the Construction industry for 2014 and beyond.
- The New York Construction Awards Honors Construction, Architecture & Engineering Industry Innovators, Leaders & Rising StarsJune 30, 2014
The New York Construction Awards, hosted by leading accounting and consulting firm Anchin, Block & Anchin LLP and presented by The New York Building Congress (NYBC), The American Council of Engineering Companies of New York (ACEC NY), and The American Institute of Architects – New York Chapter (AIA-NY) honored industry innovators, leaders and rising stars at Bloomberg Headquarters in New York City on June 19th.
- Reauthorization of Article 15-A of the Executive Law and Its Ramifications
On July 15, 2021, then New York Governor Andrew Cuomo reauthorized Article 15-A of the Executive Law which was originally signed into law in July of 1988. The intent of the legislation was and remains to help promote greater employment and business opportunities for minority and women-owned enterprises (i.e., MWBEs). Through the law, goals have been set for MWBEs’ participation in construction projects. In this latest reauthorization of 15-A, a goal of 30% of the budget comprised of MWBE participation for each year of a state project grant has been established. This goal applies to construction projects involving grant applications for over $25,000. This goal was determined based on a study conducted in 2016 to assess disparities in contract awards. For both contractors and MWBEs, it is important to understand the nine sections of Article 15-A in order to facilitate compliance and support the intention of the law.
- COVID-19 Update Center
The Anchin COVID-19 Update Center is available to simplify your access to critical financial information. It is updated regularly to supplement your communications with your
- How Does Tax Reform Impact You?
6 Recent Tax Law Changes That Technology Companies Need to Know07/25/2019 Automatic Extension Available for Making Portability Election1/31/2019 What Should Businesses Know About Qualified Opportunity Zones?1/15/2019 How Can
- Building Bridges From Biden’s American Jobs Plan to the R&D Tax CreditOctober 1, 2021
The R&D tax credit can lower a taxpayer’s effective tax rate and potentially generate additional cash flow to fund future development activities.
- Architecture, Engineering and Construction Industry's Eligibility to Claim R&D Tax Credits June 26, 2020
Section 41 research and development (R&D) tax credits are available to Architectural, Engineering, and Construction (AEC) industry companies that design and develop new or improved products, processes, methods, techniques, or materials. In addition to “revolutionary” activities, research credits may also be available to companies performing “evolutionary” activities or incremental improvements to their own products and production processes.
- Tax Ideas for a Booming IndustryMarch 20, 2017
The construction industry is alive and well in 2017. As a major force in New York and the greater US economy, it employs more than
- Key Employee Retention Plans for Construction Firms: Retaining Top Talent Remains a Challenge for Privately-Held CompaniesMarch 15, 2017
Construction companies face a variety of overwhelming, unique challenges. Apart from the competitiveness of the industry—which is a challenge in itself—the fact that many projects
- Building Your Research and Development Tax Credit Claim on a Solid Foundation: The Architectural, Engineering and Construction IndustryJune 1, 2014
While large multinational architectural, engineering and construction firms are well aware of the benefits of the Research and Development (R&D) tax credit and avail themselves
- Building Your Research and Development Tax Credit Claim on a Solid Foundation: The Architectural, Engineering and Construction IndustryJanuary 1, 2014
Introduction While large multinational architectural, engineering and construction firms are well aware of the benefits of the Research and Development (R&D) tax credit and avail themselves
- Anchin Future Forward 2020February 4, 2020
Photo Gallery for the Anchin Future Forward 2020 Conference:What’s Next for New York Real Estate and ConstructionPhoto Credit: Aaron Adler Photography
- State of the Construction Industry Event 2018September 28, 2018
Photo Gallery for the State of the Construction Industry Event 2018 held at The Yale Club
- New York Construction Awards 2018June 14, 2018
Photo Gallery for The New York Construction Awards 2018 held at Club 101
- New York Construction Awards 2017June 14, 2017
Photo Gallery for The New York Construction Awards 2017 held at Bloomberg L.P.
- State of the Construction Industry 2016September 22, 2016
Photo Gallery for State of the Construction Industry 2016 held at The Cornell Club
- WBC - Meet the Women of GOSRSeptember 13, 2016
Photo Gallery for Women Builders Council - Meet the Women of GOSR (Governor's Office of Storm Recovery) held at Anchin
- State of the Construction Industry 2015October 2, 2015
Photo Gallery for State of the Construction Industry 2015 held at Bloomberg LP
- New York Construction Awards 2015June 11, 2015
Photo Gallery for New York Construction Awards 2015 held at Club 101
- Anchin Construction & Development Forum 2015February 12, 2015
Photo Gallery for Anchin Construction & Development Forum 2015 held at Scholastic Auditorium
- State of the Construction Industry 2014September 18, 2014
Photo Gallery for State of the Construction Industry 2014 held at Club 101
- State of the Construction Industry 2013September 26, 2013
Photo Gallery for State of the Construction Industry 2013 held at Club 101
- New York Construction Awards 2013June 4, 2013
Photo Gallery for New York Construction Awards 2013 held at Club 101
- State of the Construction Industry 2012September 20, 2012
Photo Gallery for State of the Construction Industry 2012 held at Club 101
- MWBE Building the Future 2012May 4, 2012
Photo Gallery for MWBE Building the Future 2012 held at Club 101
- Phillip Ross, Leader of Anchin's Construction Industry GroupMay 12, 2020
Phillip Ross shares how Anchin's Construction Group meets specific client needs and helps fuel clients' growth.
- Sustainability Award - Marvel ArchitectsJune 12, 2019
Congratulations to Jonathan Marvel and Marvel Architects on being awarded the Sustainability Award at the 2019 New York Construction Awards hosted by Anchin!
- Rising Star Award - Eastman Cooke ConstructionJune 12, 2019
Congratulations to Peter Morandi and Eastman Cooke Construction on being awarded the Rising Star Award at the 2019 New York Construction Awards hosted by Anchin!
- Industry Impact Award - DeSimone Consulting EngineersJune 12, 2019
Congratulations to Stephen DeSimone and DeSimone Consulting Engineers on being awarded the Industry Impact Award at the 2019 New York Construction Awards hosted by Anchin!
- Legacy Award - Alexander Wolf & SonJune 12, 2019
Congratulations to Peter Bernstein and Alexander Wolf & Son on being awarded the Legacy Award at the 2019 New York Construction Awards hosted by Anchin!
- Where are they now? A Video LookbackJune 15, 2018
A look back at past honorees of the New York Construction Awards, presented by Anchin.
- Industry Impact Award - Evergreene Architectural ArtsJune 14, 2018
Congratulations to Matthew Martin and Evergreene Architectural Arts on being awarded an Industry Impact Award at the 2018 New York Construction Awards hosted by Anchin!
- Legacy Award - Syska Hennessey GroupJune 14, 2018
Congratulations to Cyrus Izzo and Syska Hennessey Group on being awarded a Legacy Award at the 2018 New York Construction Awards hosted by Anchin!
- Legacy Award - HLW InternationalJune 14, 2018
Congratulations to John Gering and HLW International on being awarded a Legacy Award at the 2018 New York Construction Awards hosted by Anchin!
- Rising Star Award - Amaracon Testing and InspectionsJune 14, 2018
Congratulations to Connie Zambianchi and Amaracon Testing and Inspections on being awarded a Rising Star Award at the 2018 New York Construction Awards hosted by Anchin!
- Rising Star Award - Bright PowerJune 14, 2018
Congratulations to Jeffrey Perlman and Bright Power on being awarded a Rising Star Award at the 2018 New York Construction Awards hosted by Anchin!
- Anchin Webinar: Tax Reform for the Architecture, Engineering and Construction IndustriesFebruary 5, 2018
In this recorded webinar, Anchin assembled a panel of tax professionals from our Architecture, Engineering and Construction Industry Group to specifically address issues relevant to the A/E/C industry.
- Rising Star Award - Triumph ConstructionJune 14, 2017
Congratulations to Dominick Cuzzi and Triumph Construction on being awarded a Rising Star Award at the 2017 New York Construction Awards hosted by Anchin!
- Rising Star Award - Adler WindowsJune 14, 2017
Congratulations to Ross Adler and Adler Windows on being awarded a Rising Star Award at the 2017 New York Construction Awards hosted by Anchin!
- Legacy Award - Thornton TomasettiJune 14, 2017
Congratulations to Gary Mancini and Thornton Tomasetti on being awarded a Legacy Award at the 2017 New York Construction Awards hosted by Anchin!
- Legacy Award - PosillicoJune 14, 2017
Congratulations to Joseph Posillico and Posillico on being awarded a Legacy Award at the 2017 New York Construction Awards hosted by Anchin!
- Industry Impact Award - Deborah Bradley ConstructionJune 14, 2017
Congratulations to Deborah Bradley and Deborah Bradley Construction on being awarded an Industry Impact Award at the 2017 New York Construction Awards hosted by Anchin!
- Industry Impact Award - SHoP ArchitectsJune 14, 2017
Congratulations to Coren Sharples and SHoP Architects on being awarded an Industry Impact Award at the 2017 New York Construction Awards hosted by Anchin!
- Trends in the Construction IndustryJune 6, 2017
Anchin Partner and Construction Practice Leader, Phillip Ross, discusses trends in the construction industry and tips for companies planning to accommodate new trends.
- Tax Considerations for Growing Construction CompaniesJune 6, 2017
Anchin Partner Phillip M. Ross discusses tax considerations for growing construction companies, specifically adjusting processes to meet requirements that take affect once certain levels of growth are achieved, and methods of preserving cash flow.
- Solving Human Capital Issues In The Construction IndustryJune 6, 2017
Anchin Associate Managing Partner Marc Newman discusses human capital issues and the importance of retaining key talent in the architecture, engineering and construction industries, offering steps that companies can take to incentivize talent to remain with the firm.
- Key Employee Retention Strategies For The Construction IndustryMay 17, 2017
Anchin Associate Managing Partner Marc Newman discusses strategies for key employee retention in the architecture, engineering and construction (AEC) industries.
- Joint Ventures: What Construction Companies Need to Consider August 22, 2016
When setting up joint ventures involving construction, real estate and other entities, tax is often an afterthought. Paul Gevertzman, Partner in Anchin, Block & Anchin's
- Legacy Award - The DeMatteis OrganizationsJune 14, 2016
Congratulations to Scott DeMatteis and The DeMatteis Organizations on being awarded a Legacy Award at the 2016 New York Construction Awards hosted by Anchin!
- Legacy Award - Allstate SprinklerJune 14, 2016
Congratulations to Adam Goodrich and Allstate Sprinkler on being awarded a Legacy Award at the 2016 New York Construction Awards hosted by Anchin!
- Rising Star Award - ICRAVE June 14, 2016
Congratulations to Lionel Ohayon and ICRAVE on being awarded a Rising Star Award at the 2016 New York Construction Awards hosted by Anchin!
- Industry Impact Award - AKRFJune 14, 2016
Congratulations to Andrew Malek and AKRF on being awarded an Industry Impact Award at the 2016 New York Construction Awards hosted by Anchin!
- Industry Impact Award - FXFOWLEJune 14, 2016
Congratulations to Guy Geier and FXFOWLE on being awarded an Industry Impact Award at the 2016 New York Construction Awards hosted by Anchin!
- Welcome and KeynoteJune 14, 2016
At the 2016 New York Construction Awards, Phillip Ross, Partner at Anchin, Block & Anchin LLP, welcomed attendees and Richard T. Anderson, President of the
- Industry Impact Award - LanganJune 14, 2016
Congratulations to Bill Kraekel and Langan on being awarded an Industry Impact Award at the 2016 New York Construction Awards hosted by Anchin!
- Rising Star Award - International Asbestos RemovalJune 14, 2016
Congratulations to Chris Grando and International Asbestos Removal on being awarded a Rising Star Award at the 2016 New York Construction Awards hosted by Anchin!
- Larry Silverstein's Career StoryFebruary 11, 2016
Larry Silverstein of Silverstein Properties was the keynote speaker for the 2016 Anchin Construction and Development Forum. He told the story of his career and
- Larry Silverstein on 2 World Trade February 11, 2016
Larry Silverstein of Silverstein Properties speaks about his initial and overall reactions to working with Bjarke Ingels on Two World Trade at the Anchin Construction
- Larry Silverstein on TAMI InterestsFebruary 11, 2016
Larry Silverstein of Silverstein Properties spoke about the atypical office environments of the Four World Trade Center TAMI (technology, advertising, media, and information) tenants at
- 10th Annual State of the Construction Industry 2015 October 7, 2015
Watch our State of the Construction Industry lookback!
- Industry Impact Award - Dattner ArchitectsJuly 7, 2015
Congratulations to Jeffrey Dugan and Dattner Architects on being awarded an Industry Impact Award at the 2015 New York Construction Awards hosted by Anchin!
- Industry Impact Award - Perkins Eastman July 7, 2015
Congratulations to Mary-Jean Eastman and Brad Perkins of Perkins Eastman on being awarded an Industry Impact Award at the 2015 New York Construction Awards hosted
- Outstanding MWBE Award - Melcon General Contractors July 7, 2015
Congratulations to Eric Mendoza and Melcon General Contractors on being awarded an Outstanding MWBE Award at the 2015 New York Construction Awards hosted by Anchin!
- Industry Impact Award - Syska HennesseyJuly 7, 2015
Congratulations to Mark Yakren and Syska Hennessey on being awarded an Industry Impact Award at the 2015 New York Construction Awards hosted by Anchin!
- Legacy Award - Jaros, Baum & BollesJuly 7, 2015
Congratulations to Mitch Simpler and Jaros, Baum & Bolles on being awarded a Legacy Award at the 2015 New York Construction Awards hosted by Anchin!
- Legacy Award - John Gallin & SonJuly 7, 2015
Congratulations to Michael Gallin and John Gallin & Son on being awarded a Legacy Award at the 2015 New York Construction Awards hosted by Anchin!
- Legacy Award - Henegan Construction July 7, 2015
Congratulations to Maureen Henegan and Henegan Construction on being awarded a Legacy Award at the 2015 New York Construction Awards hosted by Anchin!
- Rising Star Award - Dixon AdvisoryJuly 7, 2015
Congratulations to Rebecca Symes and Dixon Advisory on being awarded a Rising Star Award at the 2015 New York Construction Awards hosted by Anchin!
- Rising Star Award - ODA July 7, 2015
Congratulations to Eran Chen and ODA on being awarded a Rising Star Award at the 2015 New York Construction Awards hosted by Anchin!
- Outstanding Public Service Award - BWAF July 7, 2015
Congratulations to Beverly Willis and the Beverly Willis Architecture Foundation on being awarded an Outstanding Public Service Award at the 2015 New York Construction Awards
- Outstanding Public Service Award - FXFOWLE July 7, 2015
Congratulations to Guy Geier and FXFOWLE on being awarded an Outstanding Public Service Award at the 2015 New York Construction Awards hosted by Anchin!
- Outstanding Public Service Award - Turner ConstructionJuly 7, 2015
Congratulations to Stephanie Burns and Turner Construction on being awarded an Outstanding Public Service Award at the 2015 New York Construction Awards hosted by Anchin!
- Legacy Award - Wank Adams Slavin Associates LLPJune 25, 2014
Congratulations to Harry Spring and WASA/Studio A (Wank Adams Slavin Associates LLP) for being awarded a Legacy Award at the 2014 New York Construction Awards
- Industry Impact - Thornton Tomasetti June 25, 2014
Congratulations to Robert Descenza, PE and Thornton Tomasetti for being awarded an Industry Impact Award for Design at the 2014 New York Construction Awards hosted
- Legacy Award - Hardesty & HanoverJune 25, 2014
Congratulations to Charles Gozdziewski and Hardesty & Hanover for being awarded a Legacy Award at the 2014 New York Construction Awards hosted by Anchin!
- Outstanding MWBE Award - AFG GroupJune 25, 2014
Congratulations to Cheryl O'Connor and AFG Group for being awarded an Outstanding MWBE Award at the 2014 New York Construction Awards hosted by Anchin!
- Industry Impact Award - Robert A. M. Stern ArchitectsJune 25, 2014
Congratulations to Paul Whalen and Robert A. M. Stern Architects for being awarded an Industry Impact Award for Design at the 2014 New York Construction
- Outstanding Public Service Award - Jaros Baum & Bolles June 25, 2014
Congratulations to Mitch Simpler and Jaros Baum & Bolles for being awarded an Outstanding Public Service Award at the 2014 New York Construction Awards hosted
- Outstanding Public Service Award - Gilsanz Murray Steficek June 25, 2014
Congratulations to Jessica Mandrick and Gilsanz Murray Steficek for being awarded an Outstanding Public Service Award at the 2014 New York Construction Awards hosted by
- Rising Star Award - HAKS June 25, 2014
Congratulations to Lee Sander and HAKS on being awarded a Rising Stars Award at the 2014 New York Construction Awards hosted by Anchin!
- Industry Impact Award - SL Green Realty Corp June 24, 2014
Congratulations to Ed Piccinich and SL Green Realty Corp for being awarded an Industry Impact Award for Development at the 2014 New York Construction Awards
- Industry Impact Award - Turner Construction June 24, 2014
Congratulations to Charlie Murphy and Turner Construction for being awarded an Industry Impact Award at the 2014 New York Construction Awards hosted by Anchin!
- Legacy Award - Wank Adams Slavin Associates LLPJune 24, 2014
Congratulations to Jack Esterson and WASA/Studio A (Wank Adams Slavin Associates LLP) for being awarded a Legacy Award at the 2014 New York Construction Awards