There are numerous types of IRS Form 1099. This article will focus on the 1099-NEC because it is the most commonly used form in the construction industry. While many aspects remain the same when using the IRS Form 1099-NEC, a change will affect reporting for the 2026 tax year. It is essential to note that for the 2025 tax year, construction businesses must still issue Form 1099-NEC under the old reporting standards, which is due by February 2, 2026.   Here are a few things th

“The key is not to prioritize what’s on your schedule, but to schedule your priorities.” – Stephen Covey. The Linchpin for Goal Planning Goal planning in your construction business begins with understanding that the linchpin to the development of goals is the financial aspect, the numbers.   When your accounts are easily accessible, clean, and up to date, then growth, profitability, enhanced operational efficiency, and improved customer satisfaction stop feeling like hit-or-m

Putting Strategy in Its Place The strategy involved in planning begins with an understanding of how to reach goals.  The goal  is the main “big thing” you want to accomplish.  A strategy  is the path you take to achieve a goal.  Built into your strategy will be objectives .  The tactics  you use to reach each objective are the tools that make it happen. Example: Planned Weight Loss Think of it this way. Say your goal is to lose weight. Goal:  Lose 20 pounds in 4 months Strate

What you’ll find in this article is a schedule of bookkeeping tasks that successful construction contractors use to guide the financial management of their businesses. That doesn’t mean they drag out the spreadsheets and fill in the blanks at the end of the day. It does mean they have a fundamental understanding of what their accounting team is responsible for and what “next steps” must be taken. However, before we delve into the schedule, let’s take a moment to understand th