Construction Accounting and Tax Services
Growth-oriented construction contractors need specialized accounting and tax guidance to enable sound decision-making. Backed by our affiliations with independent accounting associations Leading Edge Alliance and DFK International, Bennett Thrasher supports the growth of general contractors and specialty trade contractors throughout the U.S. and around the world through the following services:
- Providing U.S. and consolidated global audited financial statements upon which financial institutions, sureties and regulatory bodies can rely
- Minimizing worldwide tax burden through tax-efficient structure of corporations and subsidiaries
- Worldwide tax compliance with regulatory bodies
- Taking advantage of all available incentives, such as the 179D Commercial Building Tax Deduction the Domestic Production Activities Deduction, as well as transferrable tax credits
- Planning for state and local tax (SALT) implications and complying with multi-state income and sales tax requirements
- Determining the most advantageous tax structures for merger and acquisition (M&A) transactions, and performing due diligence to assess the quality of the target’s earnings, assets and liabilities
- Auditing contract costs to identify gaps in internal controls over contract costs and purchasing
International Construction Consulting for Contractors
Increasingly, U.S. general and specialty contractors are following project owners across international borders. Expanding internationally is not a move to be taken lightly.
Operating in a new country can overwhelm even the most sophisticated contractors, between unique building codes and labor force issues, and a maze of regulations and cultural nuances. Too many U.S. contractors enter new markets unprepared, and as a result they make costly mistakes in negotiating and bidding contracts there. While a good local joint venture partner can smooth out potential speed bumps, if you align yourself with the wrong partner, you could be in for a bumpy ride.
For those contractors already performing on a global stage, maintaining the firm’s global reputation requires delivering a consistently high-quality product in each and every market. That means delivering projects on time and within budget-no mean feat when you’re managing dozens or even hundreds of projects simultaneously on multiple continents. You need to keep a close eye on construction costs, watching for control flaws and inappropriately billed costs, while also scanning the horizon for new opportunities to expand your footprint.
Wherever in the world your construction firm operates, competitive pressures and project owner demands are driving the convergence of design and construction. Architectural, engineering and construction companies are seeking to deliver more efficient and cost-effective design-build services, and as a result, consolidation of A/E/C firms is on the rise. Careful structuring is necessary to make sure that merger or acquisition, which often represents the most significant financial event for the business owners, maximizes value for both parties.
Schedule a Consultation
If you’re looking for a construction accounting firm with extensive international tax, financial reporting and audit experience, contact Scott Hazy or Tom Jollay, or call 770.396.2200 to schedule a consultation.