Are you Prepared to Tackle the New Revenue Recognition Standard? It’s been eight years since the Financial Accounting Standards Board (FASB) first proposed an overhaul of its revenue recognition standard and four years since it issued the new standard. Now the standard’s effective date is finally approaching — Jan. 1, 2019, for calendar-year nonpublic companies…

IMC Named to INSIDE Public Accounting’s Largest 400 Firms List INSIDE Public Accounting (IPA) is proud to present its first ranking of the nation’s largest 400 accounting firms – the only one of its kind. The IPA 400 firms was listed in the October issue of IPA and picked up where August’s IPA 300 issue left…

Don’t Neglect the Cost to Complete On long-term construction projects, it’s critical for contractors to have systems in place to accurately estimate the cost to complete (CTC). Knowing a project’s CTC helps you develop a more accurate picture of the project’s performance to date, avoiding surprises that can hurt your profitability and shake the confidence…

Your Contractor’s License: Don’t Leave Home Without It The notion of starting work on a project without a license may seem unthinkable. But, in their rush to win bids and start work, many contractors have run afoul of licensing issues. Here’s how it can happen. A Major Culprit Out-of-state work is a major culprit. If…

Valuable Information to Help You and Your Company Minimize the Tax Burden It’s here! The 2018-19 Tax Planning Guide! It does require some proactive planning, estimating your tax liability, looking for ways to reduce it and taking timely action. If you don’t have the time necessary, we can help. > Reach Out Guide contents include: How…

Don’t Put Off Creating A Well-Crafted Buy-Sell Agreement The thought of creating a buy-sell agreement may strike a certain amount of trepidation into the hearts of some contractors. The mere suggestion of ownership change can raise delicate issues that are often avoided. But putting off the creation of a well-crafted buy-sell can put a construction…

Business Interruption Insurance Can Help Mitigate Disaster No part of the country is immune from disaster. Whether your construction company operates near water or in a desert, in the city or the suburbs, a natural calamity could stop you in your tracks and even put you out of business. For this reason, it’s a good…

Is it time for a change? Almost a year ago, the Tax Cuts and Jobs Act (TCJA) was signed into law. It may be best known for slashing corporate and individual income tax rates. But another change made by the act will have a big impact on many construction companies — particularly those with gross…