Author Archives:
Josh Crisp

What happens when you take established legislation, build on it, reconcile 3 bills into one, and then add more than 100 provisions? You get the SECURE Act 2.0, a bill that passed by a vote of 414-5 that was signed into law on December 29, 2022, as part of the Consolidated Appropriations Act of 2023. The overall goal of SECURE 2.0 is to make enrolling in retirement plans and saving for retirement more accessible than ever. While most of the changes impact plan participants, there are several updates and changes that will impact plan sponsors this year alone.

Most Atlanta construction contractors are going into the new year with a positive outlook. This is because of the convergence of positive indicators including sales, profits, staffing, and available jobs. In fact, the Construction Backlog Indicator, which highlights the amount of work companies are contracted to complete in the future is quite positive. It is now at the highest level since 2019. Despite this, many are concerned about the current economic situation and what steps to take should a recession hit in the coming months. While it's unclear what will happen, there are several steps that companies can take now to weather a potential storm.

The recent interest rate increases initiated by the Federal Reserve are designed to counteract increasing prices. While dealing with inflation is certainly important, many contractors are already challenged by the ill effects that it brings. Most notably, there has been an increase in the cost of building materials, equipment rentals, skilled labor, and supplies. The trend of increasing costs has made it difficult for many to thrive. While there are different ways to combat the effects of inflation, one of the most effective is through cash flow planning. Maintaining a consistent cash flow is essential to weathering the storm of economic issues.

The Employee Retention Tax Credit (ERTC) is one of the remaining federal tax incentives left over from the pandemic era. Although the program is no longer in effect, taxpayers can continue to file retroactive claims. This is certainly good news for eligible businesses that previously did not claim the savings. At the same time, it has also opened the door to unscrupulous ERTC mills and others falsely promising huge tax savings to unsuspecting business owners. The result has been a sharp increase in the number of fraudulent ERTC claims. In fact, the IRS has already identified over 11,000 fraudulent returns

Despite the return to “normal,” many companies are still experiencing residual effects from the pandemic. While Georgia’s economy grew by 10% in March of this year, continuing supply chain issues and rising interest rates have put a damper on the encouraging news. This does not even consider the effects of the Great Resignation, which triggered a 25% increase in the number of resignations. When coupled with the concern about a looming recession, organizations need to leverage every savings opportunity available.

Cryptocurrency has become increasingly popular over the last few years. The most common cryptocurrencies include Bitcoin, Ethereum, Tether, and BnB. Despite some recent volatility, many individuals have not only used it for investment purposes, but also as an asset. In fact, many companies such as Microsoft, Home Depot, Whole Foods, and Virgin Airlines are among the major companies that accept it as a form of payment. This has only served to increase its popularity. However, accepting it as payment has opened the door to a new challenge – how to account for cryptocurrency?

The COVID-19 pandemic was a challenging time for individuals, families, and businesses. Concern about the widespread transmission of a relatively unknown virus resulted in stay-at-home orders and forced business closures. While a practical step, it did create significant complications for many including restaurants, bars, and entertainment businesses. Additional challenges were created with the introduction of social distancing rules which only served to further complicate matters. The result was that revenue vanished while expenses compounded leaving employers with little choice other than to lay off staff.  

Sustainable building isn’t just the way of the future; it's what’s happening now. Achieving energy-efficient design and construction is a multi-faceted approach involving engineers, architects, builders – and even federal tax incentives. The Section 179D energy efficient tax deduction is one of the main tax incentives for building owners who install qualifying energy-saving systems can leverage. The good news for Atlanta contractors is the recently enacted Inflation Reduction Act contains dozens of new incentives for eligible renewable energy upgrades and purchases.

Earlier this week, the Inflation Reduction Act  (Act) passed all Congressional hurdles and is expected to be signed into law by President Biden in the coming days. Passed through the budget reconciliation process, it’s less expensive than the Build Back Better Act, which is where most of the provisions started. Still, it is the single biggest climate action bill to date with additional measures to lower healthcare costs. Controlling two highly volatile cost centers – healthcare and energy – is thought to dampen the effects of inflation, though experts disagree on the extent.

As it turned out, semiconductor chips make the world turn. Though most notably missing from the auto industry, semiconductor chips also power smartphones, computers, electronic toothbrushes, and more. Since COVID began, there’s been a worldwide chip shortage. Unfortunately, it is unclear when this crucial-shortage will be resolved. In fact, it appears many major automobile manufacturers, including Ford, have elected to re-start production because of a lack of certainty about when the shortage will be resolved.