Crisis response and recovery resources to protect and enhance your business.
These are unprecedented times. The rapid spread of COVID-19 and unforeseen disruptions can hit every component of your business. And the uncertainty of the situation can feel overwhelming as circumstances are constantly shifting.
Wipfli is committed to providing resources and support to help guide you and your company through this crisis and beyond. The health and safety of our community — clients, friends and associates — is our highest priority. As is helping you navigate the turmoil of today and continue to strengthen your tomorrow.
Construction articles
6 ways contractors can conserve cash and increase cash flow
Here are six ways contractors can increase cash flow and conserve cash to mitigate the ongoing ripple effects of the COVID-19 pandemic.
R&D tax credits benefiting architectural and engineering firms
The architectural and engineering industries can benefit from federal and state R&D tax credits. Here’s what you need to know.
5 ways to grow your backlog, profit margins and skilled workers in uncertain times
Along with construction backlog, two big concerns are finding skilled workers and keeping profit margins from decreasing. Here are five ways you can do so.
Top COVID-19 recovery questions construction business leaders should be asking
Construction companies have long been known for their true grit and determination to get things done. In the wake of the current pandemic, this true grit takes on a whole new meaning.
DOD releases guidance for federal contractors on Paycheck Protection Program
The DOD has released guidance around the PPP for federal contractors, specifying what contractors cannot bill for.
Considerations for contractors to support “economic need” requirement for PPP loans
Contractors must make an economic uncertainty certification in good faith when applying for a PPP loan. Here are tips on how you can support this with evidence.
How the CARES Act can help CRE business owners protect their personal finances
The CARES Act can help construction and real estate business owners protect their personal finances in a variety of ways. We’ve put together four strategies.
4 ways CRE companies can adjust to the “new normal” of COVID-19
The COVID-19 construction industry impact makes these four steps critical for CRE companies.
The CARES Act: Cash-generating tax provisions for the construction and real estate industries
The CARES Act has made many positive tax-related changes for construction and real estate firms, including fixing one big TCJA error.
Real estate
How the Biden tax proposals might impact your real estate business: Part 1
Biden tax proposals seek to reduce like-kind exchange benefits, the step-up in asset basis at death and the 20% QBI deduction. We discuss the real estate impact.
How the Biden tax proposals might impact your real estate business: Part 2
Biden tax proposals seek to increase capital gains rates, tax carried interests at ordinary income tax rates, limit the deduction of business losses and more.
The Consolidated Appropriations Act, 2021 extends Sec. 45L through 2021
The Consolidated Appropriations Act has extended the 45L tax credit — aka the energy efficient home tax credit — through December 31, 2021.
The Consolidated Appropriations Act permanently extends section 179D
The section 179D tax deduction has been made permanent by the Consolidated Appropriations Act of 2021, with a deduction that will be adjusted for inflation.
IRS releases extended guidance on qualified opportunity fund relief
IRS Notice 2021-10 provides extended guidance and relief for various opportunity zone requirements, including those impacting qualified opportunity funds.
How the Consolidated Appropriations Act impacts real estate companies
From PPP loans, to the Low-Income Housing Tax Credit, to rental assistance, here’s how the Consolidated Appropriations Act impacts real estate companies.
A trap for the unwary in the CARES Act ‘retail glitch’ fix
The CARES Act provided a technical correction for the “retail glitch” in the Tax Cuts & Jobs Act creating a trap for real estate firms to lose deductions.
Creating a culture of guest delight part III: COVID-19 concerns
In the middle of rapidly changing guest health and safety concerns, creating customer delight during the COVID-19 pandemic is essential for the hospitality industry.
IRS extends and expands qualified opportunity fund relief with Notice 2020-39
The IRS has extended and expanded qualified opportunity fund relief, further easing opportunity zone regulations during the COVID-19 pandemic.
Landlord tax issues during COVID-19: Lease modifications and terminations
Landlords are facing many issues due to COVID-19. Here we breakdown the tax rules applicable to modifications or terminations of lease agreements.
Landlord tax issues during COVID-19: Late or unpaid rents
During COVID-19, many landlords are facing late or unpaid rent from their tenants. This article covers the tax rules applicable to late and unpaid rents.
Tax relief options for real estate brokers
There are two huge tax relief options that can help real estate brokers weather the impact of COVID-19. Learn more.
Real estate brokers: Figuring out your PPP and EIDL eligibility and how to calculate your loan amount
Real estate brokers, this is the ultimate COVID-19 resource. We go through how to calculate your PPP loan amount, plus eligibility and fund usage restrictions.
The “retail glitch” is finally fixed — and it applies to non-retail commercial properties too
Thanks to the CARES Act, the retail glitch has finally been fixed. And it applies to non-retail commercial properties too. Learn more.
On-demand webcasts
Position your business to thrive in the “new normal”
Watch this free webinar as we dive into seven functions within your business and describe various options for you to consider as you position your business to thrive in the “new normal.”
Opportunity Zones Market Update
During this webinar, we addressed the following topics:
- Technical updates in 2020
- Market update
- How does this look from the construction side?
Listen to our panel of construction and real estate professionals discuss the latest updates on opportunity zones and tax saving opportunities for your business.
COVID-19 & CARES Act: Tax updates and implications for the real estate industry
Watch this webinar to gain insight on the following topics:
- Overview of CARES Act
- Net operating losses & excess business losses
- Qualified improvement property
- §163(j) – Business interest limitation
- Miscellaneous CARES Act updates
- §1031 updates
- Opportunity zones updates
Remote workforce tech solutions for construction and real estate companies
This webinar addresses:
- Enabling remote access to your work computer and applications.
- Setting up and configuring collaboration tools.
- Migrating your files to the cloud.
Fraud prevention in a work-from-home environment
Watch this free, on-demand webinar to learn about ways to minimize fraud, spot poor cash management and prevent costly mistakes among newly remote staff and the essential crews still reporting to far-flung sites.
Agile transition planning in the age of uncertainty
Watch this free on-demand webinar to dive into these key areas:
- Review of where I am today
- The reimaging of my transition plan
- How do I resolve my plan?
Solutions to meet your needs
We’re here to help you.
Wipfli has been working with manufacturers for over 90 years to innovate and unlock the full potential of their business. Because COVID-19 has had such a huge impact on the U.S. economy and companies both small and large, we’ve pinpointed ways we can help manufacturers face their challenges head on and put themselves in the best position to succeed going forward.
- Enabling remote workers
- Supply chain response and strategy
- Trimming indirect expenses without affecting production
We also offer a full suite of solutions to help you with your finances, sales, operations, people and technology.
Our team
Brad Werner, CPA, MBA
Brad Werner is the Chicago market construction and real estate practice leader and an audit partner whose primary focus is on attest and accounting services. Working closely with members of management to improve their overall operations, he provides value to clients by offering broad experience in many industries and aspects of accounting and financial reporting. Brad ensures efficiency through solid planning and organizational skills in coordinating all aspects of each engagement. He effectively communicates complex accounting issues and solutions to his clients, enhancing overall retention.
Reed D. Sellers, CPA, CCIFP
Reed Sellers is a senior manager in the firm’s Loveland office and works primarily with closely held private companies, providing audit, tax, and consulting services. He concentrates on the construction industry, with in-depth experience with general and specialty contractors, unique financial statements, and tax considerations.
