Construction Today - November/December 2012 - (Page 12)

BEST PRACTICES THE BEST ADVICE The decision to limit your relationship with your CPA can be a costly one. BY CHRIS WALLIS U 12 sually, the relationship between a construction company and its CPA firm is anything but close, and this is often the owner’s or CEO’s choice, mostly for reasons of time and money. When executives are preoccupied with daily operations and other business priorities or have made a conscious effort to limit accounting expenditures, they may not see the value that a proactive and involved tax advisor brings to the table. As a result, the relationship with the company’s CPA, who generally is relied on for tax advice, is quite limited and may only take place once a year — probably in the last quarter when executives focus on tax liability and instruct their CPAs to do everything possible to limit their exposure. Surprisingly, most CPAs are perfectly content with this business model that limits the nature and frequency of contact they have with their clients. Instead of taking the initiative and getting really involved, they are more comfortable reacting to situations when called upon; e.g. when they need to resolve an immediate or year-end tax issue raised by the client. Such thinking from both sides is shortsighted because it overlooks the most important element of tax liability avoidance — the need to plan. The CPA Perspective Unfortunately, CPAs may be somewhat reluctant to assume the role of tax planner for reasons not always related to their expertise. Perhaps the most obvious rationale for their reticence to become actively involved in the tax planning process is fear of liability. They see their role as tax preparers and nothing more. They reason that by staying within their reactive role reviewing company finances and proposing conservative tax CONSTRUCTION-TODAY.COM NOVEMBER/DECEMBER 2012 http://www.CONSTRUCTION-TODAY.COM

Table of Contents for the Digital Edition of Construction Today - November/December 2012

Construction Today - November/December 2012
Construction Law
Best Practices
Hurricane Sandy
Marketing Strategies
Holcim (US) Inc.
Tampa Tank Inc./Florida Structural Steel
Rockwell Group
IVM Construction Inc.
Millennium Partners – Millennium Place
Paradigm Cos.
W.G. Yates Construction
Regalia Beach Developers LLC – Regalia
Marlyn Development and S.L. Nusbaum Realty – Heritage Forest Apartments
Chas Roberts Air Conditioning
Bellini Williams Island
Beal|Derkenne Construction – The Hub
Cedar Siding Inc.
Nibbi Bros. – Hunters View Phase 1
EllisDon Corp. – Surrey Memorial Hospital Critical Care
Turner Construction – Martin Army Community Hospital
U.S. General Services Administration/VCC – FBI Field Building
The Hayner Hoyt Corp.
Paric Corp.
Rotondo Weirich Enterprises Inc.
Advocate Christ Medical Center and Pepper Construction – Outpatient Pavilion expansion
Shawnee Mission Medical Center – United Excel – Birth Center
National Lutheran Communities & Services – The Village at Rockville/ARCH Consultants Ltd.
Harold O'Shea Builders – Springfield Clinic First North
Dewberry/Okland Construction – Western Regional Medical Center Addition
Kohler Ronan LLC
Graber Post Buildings Inc.
Tooz Construction Inc.
Bombardier Learjet – Facility Expansion
Rock Gaming LLC – Horseshoe Casino Cincinnati
Demar Plumbing Corp.
Metrolina Greenhouse
Rommel Cos.
W.G. Tomko Incorporated Contractors
Continental Contractors
Reliable Contracting Co. Inc.
Graham Construction and Engineering – Wastewater Treatment Plant Upgrade
J.R. Filanc Construction Co. Inc.
Pulice Construction Inc. – I-10 Prince Road
Ames-Granite – US 36
Tomar Construction
E.E. Cruz/Tully – Bronx-Whitestone Bridge Queens approach
TL Wallace Construction Inc.
CARCON Industries and STL Engineering
Last Look

Construction Today - November/December 2012