Construction & Related Services

The Tax Reform Act: An Overview of Provisions Affecting Contractors

Contractor Tax Reform

The Tax Cuts and Jobs Act signed into law in late December has been described as the most sweeping tax overhaul in more than 30 years. But the effects go far beyond taxes alone. Many of the new law’s provisions could also affect how you organize and manage your construction-related...

FASB Improves Accounting Related to the Tax Cuts & Jobs Act

FASB Improves Accounting

The Financial Accounting Standards Board (FASB) addressed an accounting issue created by the Tax Cuts & Jobs Act by releasing FASB Accounting Standards Update (ASU) 2018-02, Income Statement – Reporting Comprehensive Income. This ASU addresses an accounting issue having been coined the name “the stranded tax effect” and is...

January 2018 Construction News Brief – Disaster Recovery Plan

Lessons from 2017: Disaster Recovery and Business Continuity Planning With hurricanes, floods, wildfires and other natural disasters, the past year has offered plenty of lessons about the importance of being prepared for unexpected business disruptions. Despite frequent reminders, many businesses remain unprepared for the unexpected. According to one major insurance company,...

The Value of the Governor’s Workforce Training Grants

-by Michael DeCataldo, CPA/PFS, CFP®, MST, Managing Partner As the business climate continually changes, companies often need to train their employees to allow their business to meet new challenges. Developing your employees’ skills can position your business to take advantage of opportunities and remain competitive and successful in the year...

Delayed Implementation Date for Some

The Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842) which allows for a later adoption of the revenue and lease ASU's. This option is made only to businesses...

R&D Tax Credit: Could Your Company Qualify?

R and D Tax Credit

Is your company overlooking a potentially lucrative tax credit? Many contractors don’t realize that some of the work they do might qualify for the federal Credit for Increasing Research Activities, more commonly referred to as the R&D tax credit. In fact, some experts estimate that less than a third of...

AICPA Addresses Three Revenue Recognition Implementation Issues

-by Andrew de Labry, CPA In May 2014 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers. The ASU supersedes and replaces nearly...

Even in Good Times Watch Overhead

Watch Overhead, manage Overhead

By almost every indicator, now is the time for construction businesses to be gearing up for growth and, ironically, keeping an eye out on overhead. For example: The U.S. Department of Commerce expects total annual construction spending in the U.S. will top $1.19 trillion in 2017. This is up more than...