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The needs of construction companies are complex as a result of an ever-changing and highly regulated environment, laws that vary by both state and local jurisdictions, and various banking and surety bond requirements. We are ready to address these and other related concerns, and help anticipate major issues that might adversely impact your business.
Our firm’s National Construction Practice brings decades of residential, industrial, commercial, and heavy construction experience working with a wide range of key industry segments including general contractors and subcontractors; underground and underwater construction; tunnel, bridge, road and highway contractors; institutional construction; and suppliers. Our clients range in size from startups to $1 billion in annual revenue.
Our professionals are among the country’s foremost authorities on tax, accounting and business issues for the construction industry. We pride ourselves on being a learning organization and strive to keep our clients and staff abreast of evolving and relevant industry topics.
We offer the highest quality of personal service and delivery of an exceptional product on every engagement. Our hands-on partners are committed to providing you “The Next Level of Service” for all of your construction needs.
Construction on the $830 million, mixed-use Monroe Blocks project has come to a standstill. The developer, Bedrock LLC, who is backed by Quicken Loans founder Dan Gilbert, has $2 billion worth of Detroit construction projects that are currently in process.
Normally when real property is subdivided and actively sold, the gain on the sale of the property is subject to ordinary income tax treatment. However, in certain circumstances the taxpayer may be able to claim capital gain treatment under the five- or ten-year rule under Sec. 1237, even if the real property is subdivided into lots and the taxpayer actively tries to sell the parcels.
In recent years, there has been discussion about the skilled labor shortage in the construction industry. The labor shortage has resulted in construction costs being driven up and development being slowed down. However, a skilled labor shortage may not be the only problem.
We all know how important the well-being of the Great Lakes are to Michiganders. Currently, there is a potential threat of an oil spill that could destroy hundreds of miles of shorelines and damage lakes due to 65 year old twin crude oil pipes that are located at the bottom of the straits of Mackinac.
On Dec. 12, 2018, The Michigan Legislature made a significant change to the Michigan Construction Lien Act, which will take immediate effect, to allow for design professionals, defined as architects, professional engineers, servers, and their subcontractors, to now record liens for design services performed prior to the first physical improvement made to a property.