With Saltmarsh S.A.F.E. you can easily and securely transfer data directly to your Saltmarsh accountant.

Saltmarsh BRIDGE is a service that allows you to have instant access to your own QuickBooks virtual desktop already installed and ready to use.

Saltmarsh R & D tax credit software login

Featured Video

CPA - Featured Video - Qualifying for the Research and Development Tax Credit

Qualifying for the Research and Development Tax Credit

The R&D tax credit is a Federal incentive provided by Congress to U.S. Manufacturers to offset the cost of innovating. As it is a credit as opposed to a deduction, it is a dollar for dollar offset to your tax liability. Also, since the credit is open for the 3 immediately preceding tax years, filing a claim for refund for the credit for past years can be a direct cash infusion into your company. This video explains the tax credit and how Saltmarsh can help your business claim the credits you deserve.


Featured News & Articles

Claims Management: Quick Response is Critical When Disputes Arise Posted -Friday, May 01, 2015

Construction projects are highly intricate, especially with the amount of variables and people involved. Disputes are inevitable and this article highlights how to properly tend to disputed claims with minimal damage.

» Read More

Saltmarsh Hosts Trip to Cuba Posted -Thursday, April 30, 2015

Saltmarsh coordinated a trip to Cuba to navigate potential business development and commerce opportunities in Cuba.

» Read More

Avoiding Boom and Bust: Grow Your Company the Right Way Posted -Tuesday, March 31, 2015

Setting up your company to accommodate the boom and busts of the market may be difficult, but these tips can help your business achieve sustainable growth.

» Read More

Featured Blog Posts

Paul Allen Speaks at FDIC Annual Roundtable Posted - Friday, May 08, 2015

Saltmarsh Family Night at the Ballpark Posted - Thursday, April 30, 2015

Saltmarsh News & Articles Top stories from Saltmarsh's Pensacola, Fort Walton Beach, Tampa, and Orlando offices

Claims Management: Quick Response is Critical When Disputes Arise

Release Date: Friday, May 01, 2015

-This excerpt is from our Spring 2015 Dimensions Newsletter-

Construction projects are, by their very nature, complex processes with many variables and numerous interested parties. In any such situation, misunderstandings and disputes are inevitable.

As business accelerates these days, disputed claims are also increasing. Common causes include undocumented change orders, scheduling delays, defective plans and changes in site conditions, to name just a few.

Whenever a claim arises ― regardless of whether you are filing the claim or defending yourself against it ― how quickly and effectively you respond can make all the difference.

Early and Expert Legal Advice
One of the first steps a contractor should take whenever a construction claim arises is to get qualified legal advice. It is important to consult with an attorney who is proficient and specifically experienced in construction claims litigation. This is a highly specialized field in which early advice from an expert can save you time, money and effort ― not to mention improve your chances of success.In particular, look to your lawyer for advice on:

The specific terms of the contract and legal notifications required.
Most contracts spell out specific steps you must take in order to give proper notice of a claim and preserve your rights. If these processes are not followed precisely, an otherwise valid claim is likely to be thrown out.

The dispute resolution processes that are spelled out in your contract. 
Many contracts require you to agree to mediation or binding arbitration in lieu of going to court. In addition to explaining the steps your contract requires you to follow, your attorney can also advise you on the pros and cons of the settlement processes your contract specifies and how they are likely to affect your chances of success.

The legal precedents in your particular issue. 
You can run up sizable legal costs pursuing a claim that seems justified to you, only to learn that arbitrators or court precedents have consistently ruled against you in similar cases. This is one more reason why specialized legal expertise in construction claims is so important. An experienced claims attorney can advise you if the claim you are pursuing has a reasonable chance of success.

Documenting and Quantifying Damages
As you prepare to talk with your attorney about your claim, it can be useful to review some general concepts about the subject of damages, particularly as they relate to your accounting and job costing systems.

For example, when you are pursuing a claim you normally must be able to demonstrate certain basic facts to a mediator, arbitrator or court. These include the underlying issue that’s driving the claim (such as schedule delays, defective plans, changed site conditions, etc.) and why you believe the party against whom you are filing the claim is responsible for the issue.

You will also need to be able to demonstrate that the damages you are claiming are a direct result of the issue you raised. In addition, you must be able to quantify those damages.

That last point is often more difficult than it sounds ― and it’s an area where your accountant can be   of particular help. While direct costs such as materials and labor can be relatively easy to document, it can be much more difficult to accurately allocate indirect costs such as overhead and administrative expense. You will need solid and detailed accounting and cost tracking systems to be sure you are including all the relevant costs you incurred as a result of the action that drove your claim.

What’s more, these costs should be quantified and documented as they are incurred ― not weeks or months later as you struggle to come up with accurate numbers. Courts and arbitrators tend to look skeptically at “after the fact” computations and quantification of damages. The inability to quantify damage through contemporaneous accounting records can often cause an otherwise valid claim to be reduced significantly.

Educate your project managers and other key field staff about the importance of recognizing potential claims situations early. This way, you can immediately begin accounting for potential claims-related costs separately. Set up separate cost categories for charging time, materials and allocated expenses as they are incurred, rather than trying to separate out the costs later.

Again, your attorney can offer guidance into which costs should be documented.


Featured Video View all CPA Videos

Qualifying for the Research and Development Tax Credit

The R&D tax credit is a Federal incentive provided by Congress to U.S. Manufacturers to offset the cost of innovating. As it is a credit as opposed to a deduction, it is a dollar for dollar offset to your tax liability. Also, since the credit is open for the 3 immediately preceding tax years, filing a claim for refund for the credit for past years can be a direct cash infusion into your company. This video explains the tax credit and how Saltmarsh can help your business claim the credits you deserve.


Archived News View all CPA News & articles

More News...


Follow our feeds.

Pensacola CPA on Facebook Pensacola CPA on LinkedIn Pensacola CPA RSS Feed Pensacola CPA on Twitter See What We Like with Pinterest Pensacola CPA on YouTube

Locations

Pensacola
CPA and Bank Consultants - Pensacola, FL 900 N. 12th Avenue, Pensacola, FL 32501
Local Phone: 850.435.8300 • Fax: 850.435.8352
Fort Walton Beach
CPA and Bank Consultants - Fort Walton Beach, FL 34 Walter Martin Rd, Ft Walton Bch, FL 32549
Local Phone: 850.243.6713 • Fax: 850.243.4137
Tampa
CPA and Bank Consultants - Tampa, FL 201 N. Franklin St., Ste 2720, Tampa, FL 33602
Local Phone: 813.287.1111 • Fax: 813.207.0201
Orlando
4798 New Broad Street, Ste 320, Orlando, Florida 32814
Local Phone: 407.203.8990 • Fax: 407.203.8987

Toll Free: (800) 477-7458 • Email: info@saltmarshcpa.com

Website by Grendelfly Studio - A Division of SC&G

(c) 2015 Saltmarsh, Cleaveland & Gund • Certified Public Accountants And Consultants • Serving Florida And The Southeast