Recent changes in accounting standards will have a big impact on construction accounting. Accounting Standards Codification 842 (ASC 842) was implemented in December 2018 for public companies, and private companies must transition to this standard by January 1, 2021. Going forward, construction companies must carefully review their contracts for...
Internal Revenue Code (IRC) Section 263A of the Uniform Capitalization (UNICAP) lists what costs to capitalize. Cost capitalization turns cost into a recorded asset with future economic value rather than an expense. UNICAP’s provisions apply to people who sell real estate or develop properties for business. It also covers...
Construction company owners have to pull out all the stops to maximize profits in a competitive niche. A reliable way to cut costs is to lower your tax liability by claiming all the allowable tax write-offs, and it is easier than you may imagine. Our experts explore the standard...
If you’re a contractor feeling unsure how to increase your overall bonding capacity, we’re here to help. Or maybe you’re not even aware of the current maximum bond value for which you’re eligible. But by utilizing the right techniques, you could help boost your bonding capacity to sway in...
The United States Congress recently signed the Tax Cuts and Jobs Act, and it is the most important tax reform legislation that is beneficial to business in the country particularly construction firms. But what is the tax reform all about?
The construction industry is experiencing a wide variety of risks due to the complexity of its project environment. Risk is defined as the probability of setback, injury, loss, or disadvantage for a particular entity. In the construction market, risk entails the failure to achieve what is feasible as well...
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