Construction Accounting Methods

Construction Accounting Methods

Part I in our Tax Planning Opportunities for the Construction Industry series One of the most comprehensive changes included in the TCJA is the changes in tax accounting methods available for contractors. Methods previously only available to smaller contractors are...
Accounting for Fulfillment Costs

Accounting for Fulfillment Costs

The new revenue recognition standard (ASC 606) which significantly changes the revenue recognition model for contractors is here, and many firms have yet to evaluate the impact the new rules will potentially have on their company’s financial statements. How to account...
New Tax Law Puts Businesses on a Diet

New Tax Law Puts Businesses on a Diet

Over the years, businesses have become accustomed to the benefits of deducting business-related meal and entertainment expenses. However, the Tax Cuts and Jobs Act of 2017 has changed the deductibility of certain meal and entertainment expenses. Prior to 2018, a...
Casualty Loss Safe Harbor

Casualty Loss Safe Harbor

The year 2017 has been a headliner of a year for natural disasters. Americans have fallen victim to multiple hurricanes, floods, epic brush fires and earthquakes, all of which have caused extensive property damage. In response, the Internal Revenue Service has issued...
Implementing the New Revenue Recognition Standard

Implementing the New Revenue Recognition Standard

In 2017 and the first quarter of 2018, most public companies began implementing the new revenue recognition standard, ASC 606 – Revenue from Contracts with Customers. Presently, there are many questions from private companies, and their stakeholders, on the...