Are you ready for the new revenue recognition rules?

New rules are poised to take effect that could fundamentally change how many in the real estate industry will account for their revenue. Public companies must apply Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, in 2018, while compliance for private companies that follow U.S. Generally Accepted Accounting Principles (GAAP) begins in 2019.

Get ready to recognize … differently

Construction businesses that follow Generally Accepted Accounting Principles (GAAP) will face an important change in about one year. That’s when Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, begins to take effect for private companies.

Saving for College: Debunking some common Section 529 plan myths

Section 529 plans have become one of the most popular tools used by parents to save for their children’s college education. One reason they’re so “in” is their favorable tax treatment: If the funds are used to pay for qualified education expenses, the earnings accumulate tax-free.

Compare and contrast the House and Senate tax bills

November 9 was a busy day in Washington for lawmakers in their race to hammer out a tax reform package. The House Ways and Means Committee made amendments to, and approved, the Tax Cuts and Jobs Act. And the Senate Finance Committee released “policy highlights” for its proposed version of a tax plan. Many of the House and Senate provisions are similar. For example, both plans would repeal the alternative minimum tax and retain the charitable contribution deduction. However, there are a number of key differences. Here’s a look at some of the most significant.

Sweeping tax changes proposed for individuals and business in House-released bill

On November 2, the U.S. House Ways and Means Committee released its sweeping bill to reform the tax code. Here’s a brief rundown of some of the individual and business provisions in the 429-page Tax Cuts and Jobs Act. Generally, the changes would go into effect after December 31, 2017, but there are exceptions.

Is a prospective commercial tenant creditworthy?

Smart residential property landlords run a credit check before entering a lease agreement with a new tenant to help evaluate whether he or she will pay the monthly rent. Commercial tenants — even those backed by well-known, longstanding corporations — typically merit even more scrutiny.

Reap the tax benefits of a qualified small business retirement plan

Establishing an employer-sponsored retirement plan is an attractive way to save for your own retirement and help your employees do the same. As a plus, your business may enjoy tax advantages for setting one up.

Which tax strategies should you consider this year?

We’re heading into the home stretch of 2017. That means contractors have some important decisions to make.

Could an escalation clause help with your materials costs?

That escalated quickly! This oft-quoted movie line could apply to a number of aspects of construction, one of which is materials costs. If you’ve been struggling in this area recently, there’s a tweak to your contract language called an “escalation clause” that might help.

Exercise caution with joint venture financing

With the real estate market on the rise in many parts of the country, developers may have more opportunities to obtain financing through joint ventures. Such arrangements can certainly pay off, but developers must take care before jumping in. Here’s a look at several issues to address early on.
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