article thumbnail

Basic Accounting Terminology for PMs

PSMJ Resources

Professional service firms use accrual based accounting methodology, not cash-based, and once this is understood everything gets much simpler. Taxes are calculated on a cash basis, regardless of the accounting methodology used for recognizing revenue. They include supplies and unreimbursed travel.

article thumbnail

6 Ways the COVID-19 crisis will reshape the construction industry

Lets Build

But now that travel is prohibited, almost all work meetings are done online. They have all the benefits but without additional travel expenses and wasted time due to commute. It is now apparent how critical it is to provide compensation and support to employees as strict community quarantines are placed.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Tax Reform Impact on Employers and Employees

Revit OpEd

An employer may still generally deduct 50% of the food and beverage expenses associated with operating its trade or business, such as amounts paid for an employee’s meals while traveling for business. Code Section 162(m) limits the deductibility of compensation expenses in the case of publicly traded corporate employers.

article thumbnail

Britain’s biggest holiday letting firms are reported to the competition regulator by Which? over concerns they are denying customers coronavirus refunds

Construction Test

, Jessica Tappin, says she has been waiting for over a month for a full refund from Sykes Holiday Cottages, after receiving a partial refund and being told the remaining balance would be credited to her account. The company sent him a voucher for the value of the holiday instead. Adam told Which? Rory Boland, editor of Which? ’ Which?

article thumbnail

Insurance for HVAC Contractors: What It Covers and Why You Need It

Levelset

HVAC Inland marine insurance : When traveling from project to project, inland marine insurance covers tools and equipment wherever you go. Workers’ compensation insurance : If you have HVAC employees, this insurance helps cover lost income and/or medical expenses if one of your workers becomes sick or injured on the job. .

article thumbnail

Yelp! When social media goes bad with sabotage

Construction Marketing Ideas

Olenski reports how a jeweler, trying to keep pace with bigger-budget competitors who apparently were buying positive reviews, decided to follow the model and induce the reviews with $200 compensation offers. My account survived, but when we returned from Christmas vacation, we found a few dozen complaining phone messages. Fair enough.

article thumbnail

Job Order Contract Execution Guide – Sample Template

Job Order Contracting

project task/line item, a full description in plain English, a unit of measure and a corresponding unit price, including labor, material, and equipment details, and an associated approved contractor coefficient are to be the basis for Contractor compensation. The Contractor must take these costs into account when proposing the.

Contract 100