On Thursday, December 17, 2009, Steve Hays and Felicia Malter from RubinBrown, a regional accounting firm that conducts research for the National Association of Home Builders, provided a presentation to the HBA Builders, Remodelers and Developers at the December Builder Breakfast.
The Best Business Practices presentation covered many topics that Builders need to know in regards to accounting practices that can provide the best "real time" business performance data. This helps builders identify their best opportunities for cutting costs and improving the bottom line. The information included a home building industry update, account classifications and where the numbers need to go, how to figure net income and the break-even point, ideas on how to improve gross profit, how to detect and prevent fraud, tips in preparing for your 2009 financial year end, banking requirements, home buyer tax credit provisions, and the NOL (Net Operating Loss) Carryback.
The NOL provision expands the two‐year carryback period to five years for 2008 tax year losses. Carryback expansion only applies to business with average gross receipts of no more than $15 million for tax years 2005, 2006 and 2007. The potential benefit for small businesses is that this provides an immediate cash refund for losses in cases where the taxpayer has exhausted taxable income in the prior two tax years.
Many thanks to Breakfast Sponsor Connell Insurance, represented by Randall Gammill, pictured below in top photo; and Program Sponsor Bob Fitzgerald, First Venture, bottom photo.
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