Contractors

Advising contractors is one of our niche specialties, especially those working in the trades industries. It is important for the contractor to work with a tax and business services firm that understands the unique issues that apply the contractor.

When we advise our contractor clients, we look at the larger picture to include asset protection strategies and compliance issues, to the usual tax and business services that we provide.  We can help you, the contractor pay less in taxes, while minimizing your risk exposure to the courts and regulatory agencies.

As an owner of your contracting business, you have a large liability exposure, and are regulated by a complex set of regulations.  We can help you comply with the Rules that govern your business, thereby minimizing fines imposed by the regulatory agencies.  Let us help you with the following:

Avoid Devastating Losses Due to

  • Misclassified employees   You thought they were independent contractors.  Understand the 20 Factors that determine independent contractor status.  You could be held liable for employment taxes for that worker, plus a penalty.
  • Hiring Unlicensed Contractors   Hiring unlicensed subcontractors may expose you to workers compensation and payroll tax liability, and penalties for that person.
  • Lapsed or suspended contractor’s license can cause you to be required to refund all payments that you received during the entire project, even for work done when your license was in force.
  • EPA & Lead Paint Law   The Opt-Out provision has been eliminated and lead safe work practices apply to all pre 1978 houses.  Requires certification, testing, and record keeping that demonstrate compliance with the RRP Rule.
  • Not filing the new Mechanic’s Lien correctly   The Mechanic’s Lien Law (AB 457) has changed.  If you do not use the new form and follow the new procedures, your mechanics lien will not be enforceable and you will lose your legal rights to collect.

In addition to the above, we can help you

  • Reduce your taxes
  • Maximize pre-tax benefits for you and your family
  • Limit your exposure by segregating personal, investment & business assets
  • Manage your risk through business structure and the use of insurance