“Construction runs in cycles” and you know it better than anyone. Smith & Smith & Ruiz CPAs is dedicated to providing help to contractors, sub-contractors, builders and various others to navigate the financial aspects of the construction industry.
We understand the importance of having the right information in making key decisions. For that reason, we make sure that we are always available to answer all your questions and provide you with solutions, if needed. Our CPAs are dedicated to bringing you insight from the industry along with financial expertise to help you maximize profits and your bottom line.
Our CPAs are available year round to provide accounting services that are catered to you and you business. Read below to view our available services.
Services for the construction industry include:
Tax Planning and Compliance01.
- State and Local
- Estate Planning
- Choice of Entity
- Sales/Use Tax Consulting
Advisory and Financial02.
- Reviews and Compilations of Financial Statements
- Internal Control Assessments
- Bonding Advisory
- Loan Acquisition
- Contract Cost and Billing Verification
- Business Continuation, Succession Planning and Exit Strategies
- Research & Experimentation (R&E) Tax Credits
- Repair Regulations
- Technology Consulting
- Mergers and Acquisitions
- Business Valuations
- Forensic Accounting
We also offer advisory services, including:
- General Ledger Facilitation
- Accounting System Sourcing and Set-up
- Accounts Payable/Receivable and Bill Pay
- Payroll Preparation and Tax Reporting
- Financial Statement Analysis and Preparation
- Sales and Use Tax-Related Consulting
- Revenue Management
- Accounting Management and Financial Analysis
- Disbursement Management
- CFO Services
- Cloud Accounting
Construction Success Stories
Saved unemployment taxes with tighter controls
Using internal reports, we helped a client identify individuals who were being paid both as contractors and employees. This insight prevented the client from having to pay more in unemployment taxes.
Organized asset schedules to save thousands in taxes
When our client came to us, their fixed asset schedules were in total disarray. We developed a process to determine which assets to capitalize and which to expense. We also cleaned up their personal property declarations, removing tens of thousands of dollars of equipment the company didn’t own anymore. We saved them thousands in personal property taxes over several years.
Trained client on QuickBooks® to maximize efficiency
The Anders construction team worked with a client to setup and implement the QuickBooks® software. We also trained staff to use the software effectively and efficiently. The client now spends less time entering data, creating customer invoices and preparing payroll.
Saved client $1,500 in personal property tax dispute with St. Louis City
Our client received a notice from the City of St. Louis disputing the valuation of the company’s construction equipment. We responded promptly on their behalf, dealing with the city’s revenue department to resolve the discrepancy. Our client won the dispute, saving $1,500 in annual personal property taxes.
Turned net operating loss into tax refund
Our contractor client had net losses for the tax year. We used these losses to offset all of their income from the prior tax year. This resulted in an immediate tax refund of $75,000 which they were able to apply to their current cash flow.
Used Missouri tax credit purchase to save thousands
We have implemented an annual program to purchase Missouri tax credits, saving our clients tens of thousands of dollars each year on both their individual and business taxes.
Performed Tax Savings Analysis on Solar Panels
In less than 24 hours, we were able to provide a tax savings analysis for our client who was installing solar panels. The analysis illustrated how the 1st year after-tax cash outlay would be less than 0.7% of the initial solar panel investment.
Identified a Tax Savings Scenario by Grouping Interrelated Businesses
Identified a tax savings scenario by electing to group interrelated businesses we enabled our client to treat otherwise passive income as non-passive for purposes of the 3.8% net investment income tax. By doing so, we were able to reduce the taxpayers’ current year tax liability by nearly $16,000.
Performed Depreciation Planning and Cost Segregation Study Resulting in $172,000 in Tax Savings
Through depreciation planning surrounding the IRS Repair Regulations, along with performing a cost segregation study, Anders accelerated over $220,000 in depreciation deductions to save the owners of a medical office building over $100,000 in Federal and State income taxes on their 2014 individual income tax return. As a result of the accelerated first year deductions and additional accelerated deductions during the first five years of the building’s life, this tax planning will result in a total of over $172,000 in tax savings for the owners …
Performed Research & Development Study that Saved Client Thousands
By performing an R&D study, we were able to successfully pinpoint actions taken by the client’s business which qualified for tax credits at the state and federal level. These credits translated into tens of thousands of dollars of tax savings for the partners of this flow-through entity.
Contact us to speak to a specialist today.
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