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tax return extension

An Extension May Be the Best Business Decision for Your 2018 Tax Return

By now you have most likely heard from your tax advisor or via news outlets about the Tax Cuts and Jobs Act (TCJA).  The biggest tax overhaul since 1986, these new rules – along with new revenue recognition rules and partnership audit rules – have given individuals, business owners, and their advisors a great deal…

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nonprofit revenue recognition grants contributions

New Revenue Guidance Provides Direction to Nonprofits

This article summarizes ASU 2018-08, which the Financial Accounting Standards Board recently issued to resolve for nonprofits’ revenue recognition issues. It covers the 2014 standard that gave rise to questions, explaining when grants should be characterized as reciprocal exchanges vs. contributions and defining conditional contributions.

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Accounting methods for construction companies small contractors

Is it Time for a Change?

Tax reform has expanded availability of accounting methods 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…

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a hand signing a contract

Time and Materials Contracts: Improper Labor Classification is Risky

Improper labor category classification under U.S. government time and materials (T&M) contracts can result in cost disallowance, investigation, fines — and even jail time.

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