Insights: Construction
Accounting Method Alternatives for the Construction Contractor
Generally, a contractor’s chart of accounts for their accounting system is significantly different than other businesses and is oriented towards the method of accounting selected by the contractor. This article will explain some of the differences and why they are important. Two of the differences explored below are: Completed contract vs. Percentage of Completion Cash…
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Getting wise to the rise of “smart” buildings
Nowadays, data drives everything — including the very buildings in which companies operate. If your business is considering upgrading its current facility, or moving to or constructing a new one, it’s important to be aware of “smart” buildings. A smart building is one equipped with a variety of sensors that gather and track information about…
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New Lease Standard – How It Affects Construction Contractors
Chris Lambert, CPA, CGMA, CCIFP Does your company lease any of its vehicles or equipment? If so, and you follow U.S Generally Accepted Accounting Principles (GAAP) to prepare your financial statements, some important changes are about to go into effect. In February 2016, the Financial Accounting Standards Board (FASB) issued its long-awaited update revising the…
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6 last-minute tax moves for your business
Tax planning is a year-round activity, but there are still some year-end strategies you can use to lower your 2018 tax bill. Here are six last-minute tax moves business owners should consider: Postpone invoices. If your business uses the cash method of accounting, and it would benefit from deferring income to next year, wait until…
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Preparing to Implement the New Revenue Recognition Standard?
By: Chris Lambert, CPA, CGMA, CCIFP and Danny R. Shobe, CPA, CCIFP In our last article we addressed the new Revenue Recognition standard effective for reporting periods beginning after December 15, 2017 for public companies and reporting periods beginning after December 15, 2018 for private companies. We discussed the 5-step process for implementing the new…
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Implementation of the New Revenue Recognition Standard
Author: Chris Lamber, CPA, CGMA, CCIFP and Danny R. Shobe, CPA, CCIFP In May 2014, the FASB issued Accounting Standards Update (ASU) 2014-09 known as the “New Revenue Recognition Standard”, with the purpose of making revenue recognition more comparable and consistent between industries and entities by recognizing revenues in a manner that reflects when goods…
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Construction Tax Reform Overview
By: Chris Lambert, CPA, CGMA, CCIFP, Bruce Lawson, CPA, PFS, and Danny Shobe, CPA, CGMA, CCIFP The recently enacted Tax Cuts and Jobs Act (TCJA) has altered the tax landscape for many businesses. The changes are extensive, and this letter provides a high-level overview of some of the highlights to keep you informed. Due to…
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