tag:blogger.com,1999:blog-73233489089364421682024-02-02T13:45:39.539-08:00Glenn Carniello CPA - Orange County - San Diego - Los Angeles - Construction CPA Orange CountyGlenn Carniello is a CPA and Business Advisor based in Southern California. Glenn is a Partner with Eide Bailly LLP located in Orange County. We are a CPA firm specializing in serving privately held, small to medium sized businesses.
If you wish to ensure delivery of new content as it is posted, please complete the subscription link below and click on the confirmation link sent via email once received.Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.comBlogger112125tag:blogger.com,1999:blog-7323348908936442168.post-74918542347520231972021-07-14T21:30:00.001-07:002021-07-15T08:12:59.944-07:00Employee Retention Credit - A Top Level OverviewOver the past year plus, the U.S. Government has rolled out a variety of programs to help businesses as we work through the pandemic. The Employee Retention Credit (ERC) is available for businesses that sustained declines in their gross receipts as compared to 2019. The credit is available both in 2020 and 2021 although the rules for eligibility differ between those two years. Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-42664208108530777312020-03-31T22:30:00.000-07:002020-04-02T12:50:24.394-07:00SBA Paycheck Protection Program
Information
and developments are flying fast these days. With the recent passing of the
Coronavirus Aid, Relief, and Economic Security Act (CARES), another SBA program
has been made available for businesses to gain much needed access to working
capital.
The Paycheck
Protection Program, part of the CARES Act, provides a path for businesses,
through a participating SBA Lender/Bank, to be able Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-38485719969438656662020-03-19T14:11:00.003-07:002020-03-19T15:19:24.225-07:00SBA Disaster Relief Loans
At the end of January, when I wrote about the possibility of a recession, I obviously had no idea anything like this would happen. It turns out those graphs were solid evidence we weren’t far away from whatever factor may
become the trigger for difficult times in the near future.
So here we are, dealing with a completely new set of
circumstances. The main objective for
Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-70825584472185045792020-01-29T21:15:00.000-08:002020-01-30T16:46:23.554-08:00Consumer Confidence, Unemployment Rate and Recessions
Last month I attended an economic
forecast event and a few of the slides really caught my attention. As
business owners and advisors we are always looking forward, around corners, etc.
in an attempt to see what lies ahead in order to make sound, prudent business
decisions. The following slides both contain shaded areas denoting
periods of recession in the U.S. The first slide belowGlenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-15172356786869147472019-10-10T19:30:00.000-07:002019-10-11T09:26:56.511-07:002020 Construction Industry Outlook (So Cal Edition)
It’s been a good last few years in the construction
industry, certainly here in southern California. Most contractors have been reporting year
over year revenue growth and strong profits.
Most contractors in the 10M to 25M revenue range have taken advantage of
the recent law change allowing them to report taxable income on the cash basis
method helping them boost cash reserves. Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-40315081419862910702019-09-22T21:37:00.000-07:002019-09-24T18:41:38.699-07:00Getting The Most Value When Selling Your Business
I was recently asked to speak about how business owners can maximize the value of their business as they
prepare for an exit. More and more
business owners are starting to think about the next chapter in their lives and
the demographics support this. Note the following:
<!--[if !supportLists]-->·
<!--[endif]-->One quarter of Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com1tag:blogger.com,1999:blog-7323348908936442168.post-66851832753398394112019-06-09T21:12:00.000-07:002019-06-12T10:19:46.938-07:00Transitioning your Family-Owned Business to the Millennial Generation
Family-owned
businesses are a strong part of the fabric comprising the American business
landscape. They create an environment full of dynamics, both wonderful
and challenging. One area we are advising in more and more lately is business
transition from one generation to the next. We have a number of companies
we work with where the business is being transferred to the Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-26212064156837230102019-03-10T21:58:00.000-07:002019-03-12T06:34:01.075-07:004 Reasons Contractors FailAs things continue to go well in our market for the building economy and contractors are generally doing well, it's always good to avoid complacency and stay true to sound business practices. This month we'll take a look at four key areas of running the business of a construction company. I say it this way because, regardless of sector, owners and CEOs need to manage the overall Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-29683697707791066542019-02-10T21:58:00.000-08:002019-02-12T07:15:05.940-08:00Construction Industry Financial Update and ABI Check
As we get to mid February many of our contractors 2018 numbers are rolling in, with results showing it was a good year for most. Net profit margins are above average, with the majority reporting solid financial results for the year. The challenge isn’t so much finding new
work, it’s more finding qualified labor to execute on the abundance of work
that is out there.
In construction,Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-24730014701357984172019-02-10T19:26:00.000-08:002019-02-11T11:55:17.050-08:00Tax Depreciation Limits
I
wanted to share this handy summary for any interested parties, I hope you find
it useful…
Changes to Depreciation
(2018 and Beyond)
Bonus Depreciation
Under
new tax law, tangible personal property placed in service after 9/27/17 is
eligible for 100% bonus depreciation.
Also, the property can be used. Bonus
depreciation drops to 50% in 2023.
Used
property eligible for Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-29363310504406882018-10-07T21:58:00.000-07:002018-10-09T15:59:46.040-07:002019 Construction Industry Outlook
Last month I went to a construction industry trade
conference and attended a session presented by ITR Economics. I enjoy listening to economic forecasts and
do so a few times a year. ITR is one of
my favorite firms in this space as they not only look at the near term, they review
longer macro trends and forecast several years out.
I’ve included a copy of their full presentation Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-52286540326687745012018-09-09T13:16:00.000-07:002018-09-14T12:21:09.072-07:00Employment Practices Liability Insurance (EPLI) in the Era of the Me Too Movement (and a little HR function discussion)
EPLI is a type of insurance coverage addressing liabilities
arising from wrongful acts involving employees.
These acts can range from sexual harassment to discrimination, wrongful
termination, failure to promote, creating a hostile work environment, etc. It has always been a good idea to at least
seriously entertain this coverage, if not carry it.
The main catalyst for me Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-83806330942479943822018-06-12T20:41:00.000-07:002018-06-14T07:04:53.905-07:00Technology and Your Business - Video Surveillance
Today we have an ever increasing number of technology tools
to choose from to employ in our businesses.
The workforce has become more mobile with computing power held in our
hands that was barely imaginable 30 years ago.
Productivity gains have been incredible and we can do more with less
people. That trend seems to be
increasing as well with automation top of mind of many Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-88390515488026113942018-04-15T21:50:00.000-07:002018-04-18T11:41:39.539-07:00Prevailing Wage, Benefits and Compliance Overviewby Mike Bottinelli, Fringe Insurance Services
Prevailing Wage Overview
The wage determination belongs to the contractor (not the employee) with the mandate that it be spent for the employee's benefit in some combination of wages and bonafide third party administered benefits (ie health insurance, qualified retirement plans, flexible spending accounts, vacation plans and severance pay Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-42222837495274970642018-03-11T22:30:00.000-07:002018-03-12T16:16:52.485-07:00Trump, Tariffs, Tax Reform and Trade
Tariffs on Steel and Aluminum are big in the news these past few weeks with President Trump looking to impose tariffs on these materials later this month, 25% and 10% respectively. This has sparked a lot of debate around the country, including within Trump's own administration and potentially being the final straw causing Gary Cohn to resign as Chief Economic Advisor to the President.&Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-45485617160919647782018-02-11T21:37:00.000-08:002018-02-13T10:15:40.912-08:00Buying Commercial Real Estate - Making the New Tax Law Work for You
Acquiring a commercial building may have become a little more achievable with the recent
changes in the tax code. For years we have been able to break down the
components of a building into shorter depreciable lives via Cost Segregation
Studies. This allows taxpayers/investors to take advantage of accelerating
depreciation of certain asset classes over a much shorter period than the
Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-75139209078812969062018-01-07T22:50:00.000-08:002018-01-09T11:22:21.992-08:00Negotiating Contract Terms
by Ilse Baeck, Owner of Contract Review Services for Construction
"Everbody signs our contract..." If you
are a subcontractor, this probably sounds familiar to you. Another oldie, but
goody: “We do not allow changes to our boiler plate.” I consider both to be
opening statements to negotiations.
As a general contractor you face similar
situations. The competition on the top is Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com2tag:blogger.com,1999:blog-7323348908936442168.post-50299477775527758822017-12-29T11:30:00.003-08:002017-12-29T11:32:28.476-08:00Best Summary of Current Tax Law vs. New Tax LawOne week ago the President signed the Tax Cuts and Jobs Act. Northern Trust published an excellent summary of the new law, laying out in easy to read tables the law as it stands currently in 2017 and the new law effective next week in 2018. The piece covers Pass-Through entities, Corporations, Individuals, Estates/Gifts, etc. It is by far the best summary I've seen, please see Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-57156036237872733942017-12-20T23:13:00.000-08:002017-12-21T11:33:59.974-08:00Tax Reform Package - Let the Games Begin
Some states, including
California, are already beginning to work with tax strategists to identify
methods to mitigate the impact of the loss of the state and local tax
deductions for federal tax purposes. The
governors of high income tax states such as California, New York and New Jersey
are in close contact with one another to work towards a solution for higher income
tax payers who may Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-6261619916229820722017-12-11T21:28:00.000-08:002017-12-12T16:47:46.713-08:00Overview of Proposed Tax Reform
By now most have heard about some of the proposed tax
changes coming out of Washington, D.C.
There are some differences between what the House is proposing vs. the
Senate and The Associated General Contractors of America have prepared a nice
table showing those differences. The
chances are very good at this point that we will see reform for 2018, a little
over 30 years after we saw Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-54980700377280235262017-11-07T21:09:00.000-08:002017-11-08T09:21:52.182-08:00Current Outlook and Architectural Billings Index
One of the questions I’m often asked is “What do things
look like out there?”, typically followed these days with “How long will these
better times last, when will it end?”.
Every contractor has their own experiences, their own challenges and
successes. The generic answer needs to
address the “typical” experience out there, the contractor who falls somewhere
in the middle of the bellGlenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-31705541429663159932016-11-06T21:53:00.000-08:002016-11-18T10:56:15.360-08:00LA Stadium Project - Marquis Projects, To Pursue or Not Pursue
The much anticipated Inglewood stadium project plans are
well underway, and with that the construction marketplace resources required to
execute on this $2.6 billion dollar project will be spread that much thinner. The stadium itself is expected to be
completed in 2019, with all the surrounding development (labeled a “mini-city”
by some) expected to be finished by 2023. Many Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-61851097883086988802015-11-15T21:39:00.000-08:002015-11-18T10:38:19.945-08:00Piece-Rate Compensation - AB 1513 and its impact on contractors
On October 10, 2015 Governor Brown signed AB1513 into
law. The modifications to employment law
that AB1513 made deal with workers’ compensation and piece-rate
compensation. This post addresses the
latter.
A few industry associations asked a law firm to provide
an opinion of the new law as it relates to piece-rate compensation. The law firm did an excellent job addressing
theGlenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-779111548118967342015-02-22T20:19:00.000-08:002015-02-18T16:22:05.772-08:00Controlling Workers Comp Costs - Mobile First Aid
One of the highest costs to businesses in California is
Workers Compensation Insurance. For
those that have done business in California for at least the last 15 years, you
have experienced roller coaster like moves in rates. Those rate swings seem to have come out of left
field some in some years, with political and other market forces working behind
the scenes to artificially impactGlenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0tag:blogger.com,1999:blog-7323348908936442168.post-49912417115378034002015-01-07T20:23:00.000-08:002015-01-08T15:10:06.102-08:00Tax Increase Prevention Act of 2014 (HR 5771)
Last month, Congress passed the Tax
Increase Prevention Act of 2014 and the President signed it into law. Over 50 popular incentives and credits were
extended through 2014, some of the more popular of these “extenders”
as they are called are highlighted below.
50% Bonus Depreciation - The 50% bonus depreciation provisions for new, qualified
business property would be extended for Glenn Carniello, CPA CCIFPhttp://www.blogger.com/profile/09943557331366581530noreply@blogger.com0