The Importance of Your CPA Financials
How often do bonding companies want to see a contractor’s financial statements?
Surety companies will periodically need to see their construction company clients’ financial statements. Here’s what you need to know. Surety companies need to monitor the financial health of their clients for the duration of a bonded project. We always want to ensure your profitability first and help keep you out of any potential danger zones…Read More
Is it easier to qualify for IRS COVID-19 Employee Retention Credits (ERCs) for tax year 2020 or 2021?
Craig Brogan, CPA, an outside contributor to AC Surety discusses how contractors can determine if they’re eligible to receive a significant ERC refund check for tax years 2020 and/or 2021. firstname.lastname@example.org(410) 610.8464 The IRS is still issuing employee retention credit (ERC) refunds for companies that retained employees during the COVID-19 restrictions in tax years 2020…Read More
Can Construction Companies Still Apply for an IRS Employee Retention Credit (ERC) In 2022?
Craig Brogan, CPA, Principal at Brogan and Company, LLC, discusses how contractors may be eligible for up to $7000 per employee in credits from the IRS, that’s $7k per employee, per quarter for TY 2021. The IRS is still issuing payroll credits for companies that were negatively impacted by COVID-19 during tax years 2020 and 2021.…Read More
What Is the Deadline for Reporting My CPA Financial Statement to My Bond Company?
Joe Catania, President of Anderson & Catania Surety Services, explains the importance of sharing year-end financial statements with your bond company. Has COVID-19 impacted the timeframes for delivery of 2020 CPA financial statements? Yes, we’ve seen late statements since the CPAs have helped clients with SBA PPP loan forgiveness and due to the extended 2020…Read More
How Does an Unforgiven PPP Loan Affect My Bonding Capacity?
Brent Headley, Surety Account Executive at Anderson & Catania Surety Services LLC, offers insight regarding PPP loans and their impact on surety bond capacity. Why Is It Important to Anticipate How a Surety Will Treat an Unforgiven PPP Loan? Obviously, if the PPP loan is unforgiven, the loan amount affects how the surety calculates the…Read More
How Important is it to Work with a CPA Who is Well Versed in Surety?
Your financial statements are only as accurate as the accountant who prepares them. It’s important to work with a CPA who is construction-savvy and knowledgeable about construction accounting. What Interview Questions Can Be Used to Make Sure A CPA Is Construction-Savvy? Joseph Catania, President of Anderson & Catania Surety Services, LLC (email@example.com), suggests that you…Read More