Section 179 of the U.S. tax code presents a welcome opportunity for small business owners to save money at tax time. An economic incentive designed to encourage the purchase of business-related equipment, Section 179 lets taxpayers deduct the full cost (within limits) of certain types of property from their federal taxes for the year the property was purchased and put into service.

On Nov. 14, the Department of Homeland Security, U.S. Citizenship and Immigration Services (USCIS) released a revised I-9 Form. Employers can begin to use the newly revised I-9 Form or continue to use the current version, which is dated 3/8/2013. However, beginning Jan. 22, 2017, all employers must use the revised I-9 Form (edition date 11/14/2016 noted at the bottom of the form) for all new hires to verify their employment eligibility, including U.S. citizens and non-citizens. Employers who fail to use the new form on or after Jan. 22 may be subject to penalties. 

In a victory for taxpayers and merit shop contractors, the Illinois House of Representatives failed to reach the three-fifths majority required to override Gov. Bruce Rauner’s (R-Ill.) veto of S.B. 2964. The bill would have tied prevailing wage rates for public projects to local union rates.

ABC announced new resources made available to its members through its membership in the Construction Industry Alliance for Suicide Prevention. ABC joined the Construction Financial Management Association (CFMA)-led alliance in October 2016 to help provide resources and disseminate information on suicide prevention and mental health awareness in the construction industry, with a goal of building a zero-suicide industry.

This year’s 2016 Construction Financial Management Association (CFMA) Financial Benchmarker Report (based on 2015 results) has been designed to provide easy-to-understand guidelines for identifying business performance improvement opportunities. The overall purpose of this report is to aid in identifying key industry operating statistics, multi-year trends, and financial benchmarks for industry members and interested parties.