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Welcome to the 3rd Quarter Edition of Warren Averett's Construction Industry Advisor. This issue covers the benefits of joint ventures and the different ways to structure them, as well as an explanation of how bonds are different from mechanics' liens and what you should do to ensure adequate payment. We'll also cover accelerated deductions relating to bonus plans and four common bidding errors to avoid.
 
We hope you enjoy this newsletter. Be sure to share it with others who would benefit from this information. If you have any questions, please contact your Warren Averett advisor.
 
Expand your comfort zone
Use a joint venture to mitigate risks

  

As the economy continues to struggle in some parts of the United States, many contractors are looking for ways to gain a competitive edge. One effective strategy is to branch out into new types of work, new geographical areas and larger, more complex projects. Although venturing into unfamiliar territory can help you compete, doing so may also expose you to additional dangers. One way to mitigate the risks is to enter into a joint venture with another construction business. Read More >>

  
Understanding the ins and outs of subcontractor surety bonds
  

It's dangerous for any subcontractor to assume that he or she is protected by performance or payment bonds. Such bonds are generally required on public projects, under the federal Miller Act or one of the many state-level "Little Miller" acts. But you still must perform the due diligence needed to confirm that required bonds exist, that they're valid and sufficient and that the surety in question is financially stable. Read More>>  

Is your bonus plan eligible for accelerated deductions?

  

Many construction businesses award performance or safety bonuses to employees at year end. But did you know that it's possible to deduct bonuses on your company's 2013 tax return even if you don't make the payments until 2014? If you're an accrual-basis taxpayer, you can take accelerated deductions even if you don't calculate the amount of the bonus pool or specify who will receive bonuses until after the end of the year. But you must follow IRS rules. Read More>>  

Contractor's Toolbox
4 common bidding errors to avoid

  

Accurate bidding is critical to any construction company that wishes to be profitable over the long haul. To learn about the four common bidding errors that you need to avoid, Read More>>.

    

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