“Mayer & Company LLP was instrumental in helping our Company successfully complete its first 401K Plan audit. They provided guidance for reporting and disclosure requirements under the Employee Retirement Income Security Act. The partner in charge of the engagement as well as their staff was knowledgeable and professional, possessing a strong sense of materiality. They ultimately helped resolve certain audit issues regarding our Plan’s record keeper and Trustee and made the first year’s audit experience painless.”
Joseph Calabrese, CFO
Audio Command Systems, Inc.
Because accounting is particularly significant in the construction industry, we offer a wide array of accounting and business advisory services to serve the demands of the industry. MayerMeinberg LLP deals with different forms of accounting in construction, because the necessary services that are required in this field are far from conventional. When it comes to accounting, management services, tax services, or auditing, MayerMeinberg has the comprehension and the skill to service the needs of your construction firm.
Assistance with Bonds
In the construction industry bonds are needed for insurance and are usually required by the contractors. Bond companies and lenders will assess how much you have billed on a job and compare that to your costs and expected earnings. Throughout the years we have become familiar with this kind of information and we have built many relationships with bonding companies, both of which will increase your likelihood of acquiring a bond or credit.
Percentage of Completion Contract and Completed Contracts
MayerMeinberg LLP provides an assortment of construction accounting services including those for financial purposes as well as tax purposes. We help you work with percentage of completion contracts for financial statement purposes as well as using completed contracts for tax purposes which reduces your taxes, reflecting your financial position in a more positive light.
Sales and Use Tax
MayerMeinberg’s dedicated tax professionals are frequently asked to assist with the business’s sales tax problems in order to avoid expensive mistakes. Construction companies many times are liable for taxes or receive tax credits that other companies do not, including the heavy highway vehicle use tax and energy-efficient credits. Our team will actively work with you to account for what is owed to the government and what your company can write off.
After years of growing and building your business to make it the success that it is today, it is essential to have a plan in place and identify who will eventually fill key business and leadership roles of the company. MayerMeinberg practically plans the shift of a construction company in advance and helps remove the difficulties that commonly destroy thriving firms.
In the construction industry many contractors frequently have the ability to use eligible retirement plans to save large amounts for retirement, which can be tax deferred. We have experienced many different options and through our understanding we are able to explain the pros and cons of each plan. We will certify that we have all the necessary information and use an individualized approach in order to meet the needs of your specific situation.