Subcontractors, what should you do when a bid goes bad?

From childhood on, we’re all told that “everyone makes mistakes.” Unfortunately, sometimes this particular aspect of the human condition can afflict subcontractors as they submit bids.

They’re back: Audit rules targeting partnerships can now be applied

The IRS has reissued proposed partnership audit regulations, withdrawn earlier this year as part of the Trump administration’s regulatory freeze. The proposed Centralized Partnership Audit Regime regulations (Reg-136118-15) — reportedly identical to the withdrawn regulations — apply to partnership tax years starting after December 31, 2017.

Understanding the ins and outs of defeasance

Prices for commercial real estate are trending up in many parts of the country, and interest rates may soon follow, although at a slower pace. In such an environment, some property owners are starting to think about exiting their loans early through defeasance.

Hobby or business? The IRS wants to know

If you generate a side income from a passion like cooking, woodworking or bookselling — or anything else — you should be aware of the tax implications of earning this money. These will vary depending on whether the activity is treated as a hobby or a business.

The right research can improve materials purchasing

Many contractors get in the habit of buying their construction materials from the same small group of suppliers they’ve used for years. There’s nothing wrong with rewarding reliable vendors with repeat business, of course — particularly if these suppliers offer favorable prices to their regular customers.

When an LLC doesn’t protect personal assets

Limited liability companies (LLCs) are a common way for real estate owners and developers to hold title to property. Their popularity is due, in part, to the fact that LLCs limit members’ personal liability.

Proposed Changes to Employee Benefit Audit Standards

Our governing body, the AICPA’s Auditing Standards Board (ASB), issued proposed changes under a Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statement of Employee Benefit Plans Subject to ERISA, that may have a profound impact on the way practitioners perform and report on employee benefit plan audits.  

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.
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