Our leadership team is actively involved in all client matters and maintain a strong field presence on engagements.
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We provide unprecedented accessibility to all service team members.
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Shrinking profit margins. Material cost increases. Labor shortages. The mounting financial and regulatory issues construction companies face can be demanding, with each economic and regulatory shift affecting your bottom line.
That’s why it’s critical that you work with proactive accounting professionals who understand the specific business needs of your company and help you achieve greater profitability. Lumsden McCormick’s knowledgeable certified public accountants have years of experience supporting the diverse needs of the construction industry. From initial incorporation and establishing job-costing systems to procuring bank financing, bonding, or obtaining state certifications, our team has the expertise to help you in every phase of development.
Subspecialty Expertise
Our construction experience includes collaborating with general and subcontractors in various specialties, including bridge and highway, electrical, specialty roofing structures, demolition, homebuilders, and land development. Drawing on this experience, we are able to consult with you in many critical areas, including bonding cost certifications, Federal Acquisition Regulations (FAR), and cash flow management.
Our accessible construction services team is active in regional and statewide industry associations and receives specialized training each year to stay abreast of current industry developments. To minimize your tax burden, we continuously evaluate the best options for reporting taxable income on long-term contracts, ensure all available tax credits are taken, and make sure you are in compliance with complex sales tax issues. Our membership in the BDO Alliance USA means that when needed, we can tap the resources of our partners and their resources on a national and global level.
Our construction contractor services include:
Firm Resources
For more information about our accounting and consulting services for construction companies, contact Miche Needham or complete the form below.
In 2025, both new and used heavy SUVs, pickups, and vans can offer significant first-year depreciation write-offs if used more than 50% for business purposes. Additionally, setting up a home office can further enhance tax savings by allowing you to qualify for home office deductions, making it easier to pass the over-50%-business-use test for your heavy vehicle.
Estate planning for individuals living outside the United States involves understanding domicile and residency, navigating tax implications, and considering asset location and jurisdiction. It also requires awareness of marital deduction rules, succession laws, and the importance of professional advice to ensure a comprehensive and compliant estate plan.
Section 1231 of the Internal Revenue Code governs the tax treatment of gains and losses from the sale of specific business properties. Gains from Section 1231 assets can be treated as long-term capital gains, while losses can be treated as ordinary losses, providing favorable tax outcomes. However, the nonrecaptured Section 1231 loss rule can affect the timing and treatment of these gains and losses.
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Discover the expiring provisions of the Tax Cut and Jobs Act (TCJA) and their impact on your financial planning and tax strategies for 2025 and beyond. Plus, gain insights from our Financial Market Update.
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