By Ethan Cummings, CPA Even the most well-planned project can become chaotic. When this happens, it can feel like you’re getting pulled in a thousand different directions. One minute you’re answering a subcontractor’s question and the next you’re following up with the client. Tracking the job’s direct costs is probably the last thing on your […]
Case Study: How a Construction Subcontractor Improved Profitability by Simply Bridging a Knowledge Gap
By Andy Knutson, CPA In 2017, we worked with a construction subcontractor that had struggled with profitability in recent years despite many project successes. The company’s bonding agent, who was concerned about the situation, had requested a reviewed financial statement and referred us to provide it. During our initial meeting with the owners and their […]
How To Confirm You Are Working With The Right Accounting Firm
By Kyla Hansen, CPA, CVA When you hire an accounting firm or a CPA, you’re essentially trusting someone else with your taxes and financials. Needless to say, this is a big deal. It’s important that your provider is well qualified and equipped to help you comply with tax regulations and make sound decisions about […]
What Lessees Should Know About the New Lease Standard
By Matt Luckmann, CPA At the end of 2018, the Financial Standard Accounting Board’s (FASB’s) new lease standard, known as “ASC 842,” went into effect for all public business entities. FASB delayed the effective dates for private companies to fiscal years beginning after December 15, 2020. However, this should not be a reason for private […]
2018 Tax Filing Considerations for Contractors
For most contractors and construction-related businesses—particularly for those structured as pass-through entities—the 2018 tax season is anything but business as usual. With the Tax Cuts and Jobs Act (TCJA) on the books, there are several tax law changes that could impact your tax filing this year. Here are a few things to consider as you […]