On March 6, 2017, the Michigan Department of Transportation issued Consultant Advisory 2017-3 related to updates to its Financial Prequalification Documents and Requirements that are effective immediately. Please follow this link for specific updates or contact with any questions.
For construction companies who annually go through the prequalification process for the Indiana Department of Transportation (INDOT) construction projects, change is coming to the Contractor’s Statement of Experience and Financial Condition (also known as “CR-1”). The new form is
The Federal Highway Administration (FHWA) has extended the use and application of the Safe Harbor Overhead cost rate through December 31, 2016, for those consultants that meet the eligibility requirements. The extension is being issued to allow additional time for
Have you been wondering what recent salary and benefits trends are in the construction industry? Well, the wait is over! Somerset has launched their 2016 Indiana Construction Industry Financial Performance and Salary & Benefits Survey. This unique, industry-specific survey provides valuable information
During 2013, the Federal Highway Administration (FHWA) entered into a test period of a national indirect cost rate “safe harbor” rate. This safe harbor rate was approved for use by eligible consultants on a test evaluation basis for ten
As many of you know that work for MDOT, the deadline for Annual Financial Prequalification requirements the past few years has been 3 months after a consultants fiscal year end for those consultants submitting a FAR compliant overhead rate
The IRS just released temporary and proposed regulations that will impact the calculation of the Domestic Production Activities deduction (DPAD). If your business produces tangible property, films, performs oil related activities, or constructs real property in the U.S. these
On July 31, 2015, President Obama signed into law H.R. 3236, the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.” This Act provides a three-month extension, through Oct. 29, 2015, of the general expenditure authority for
Somerset CPAs and Advisors has been working to learn the impact of the common construction wage repeal to our contractor clients. Training programs, liability insurance, drug testing and registration with Indiana Department of Administration are all requirements under the new statute
In May 2015, Indiana repealed the common construction wage (or prevailing wage) for projects that are state or local government funded. A primary and immediate impact of the repeal is for public works projects awarded after July 1, 2015;
The Michigan Department of Transportation has a program for disadvantaged business enterprises (DBEs). The DBE program is a federally required program designed to ensure that firms owned and controlled by minorities, women and other socially and economically disadvantaged persons
Many industries including manufacturing, construction, not-for-profit, agriculture and physician offices are granted sales tax exemption status on their purchases. If you have not considered buying such materials and supplies exempt from sales tax, contact us for a discussion on how
Somerset CPAs and Advisors is now part of CBIZ and MHM. Together, CBIZ and MHM are one of the Top Ten accounting providers in the country. Please click here for more information.
