2023-2024 Tax Planning Guide

Thompson Greenspon’s Tax Planning Guide for 2023-2024 is designed to help you save the most by becoming familiar with the recent changes to the law and make sure you’re taking advantage of every tax break you’re entitled to.  Check it out now and start saving.

Preparing Architectural/ Engineering Firms for FAR (Overhead Rate) Audits

When architectural and engineering (A/E) firms propose or work on government contracts, they are often asked to provide overhead rates prepared in accordance with the Federal Acquisition Regulation (FAR). The purpose of this article is to inform A/E firms about these audits, and the things they should consider if they are thinking about obtaining a FAR audit.

The One-Day Note: A Sophisticated Tax Savings Strategy for Seller of Closely-Held Businesses

Whether business owners are acquiring a new company or selling their own, the goal is to walk away from the table in the best tax position possible after the sale. There are few strategies that offer both buyers and sellers the opportunity to walk away from the closing table primed for the best tax position.  The “One-Day Note” is one such strategy that sophisticated sellers and their advisors should consider for lasting, financial impact.

Record Retention Guide

Download this guide for retention of important financial papers – your go to document of to what to keep and for how long.

Construction Compensation Report 2023

The packet includes salary information for the following positions: Senior Project Manager, Senior Estimator, and Controller.

Economic Newsletter for the Construction Industry - 2023 Year-End

CICPAC, in collaboration with economist, Dr. Chris Kuehl, and Armada CI, has launched a quarterly economic report that specifically targets the construction sector. This report offers a comprehensive analysis of various factors that affect the construction industry on a macro level, including regional construction spending, raw materials, supply chain, banking and financing matters, and the overall construction industry outlook.

2023 Tax Planning Opportunities for the Construction Industry

Our firm and the CICPAC Tax Thought Leadership Committee has compiled an updated summary of changes potentially impacting our construction clients. This document overviews considerations for planning in 2023 and beyond.

Mid-Year Contractor Tax Planning Checklist 2023

The continued impacts of the Inflation Reduction Act of 2022, the Tax Cuts and Jobs Act (TCJA) and CARES Act of 2021, continues to drive an active tax policy environment. This constant change requires continued analysis and proactive planning for CPAs and their contractor clients.

The CICPAC Tax Thought Leadership Committee has compiled a brief summary of various tax planning issues potentially impacting our construction clients for consideration. In the interest of timing, this document only provides a brief overview and reminder of areas for further consideration during planning in 2023 and beyond.

Implementing ASC 842 Leases: Focus Areas for Contractors

This whitepaper is offered to provide further insight to some key areas that you should be aware of when implementing the FASB ASU 2016-02, Leases (ASC 842) standard.

2021 COVID LEGISLATION: Tax Planning Opportunities

On March 27, 2020 the President signed the CARES Act, which includes many tax provisions that are intended to put cash flow in the hands of individuals and businesses. Additional coronavirus relief related legislation has been passed and is included in this whitepaper. Compiled is a summary of those changes potentially impacting our construction clients.

Employee Retention Credit: Financial Accounting Considerations

Because of COVID 19, congress passed many programs to keep people employed when companies were dealing with the impacts of COVID. One of those programs is the Employee Retention Credit (ERC). The intent of this whitepaper is to assist contractors with how to account for the Employee Retention Credit (ERC) for financial statement purposes.

Mobile Workforce Guidelines for Contractors

The construction industry, by its very nature, depends on mobility and getting to where the projects are located, whether that is across a city or region, state, or country. Costs related to mobility are unique and there are various methods of covering or reimbursing your workforce for those costs. The methods you use and your compliance with the related regulations can impact the ultimate cost to your organization as well as your employees and the difference can be significant. The intent of this guidance is to present information you need to analyze which methods provide the best result for your organization as well as some helpful tools to assist with compliance.

Revenue Recognition Implementation Guide

Guidance for CPAs and Construction Companies

Revenue Recognition Overview Terminology & Concepts

Part of learning the revenue recognition standard is understanding the terminology and concepts. CICPAC has compiled this Revenue Recognition Overview on Terminology & Concepts document to summarize the new terms as they relate to the old terms or to define what the new terms are referencing.

Contract Abstract Analysis Tool

This tool can be used to assist your company with implementation of the Accounting Standards Update 2014-09, Revenue from Contracts with Customers, FASB Topic 606.

Revenue Recognition: Practical Aspects of Uninstalled Materials

The new revenue recognition standard (ASC 606, Revenue from Contracts with Customers) affects construction companies in unique ways, particularly in the area of purchased material. How a contractor will account for these costs under the new standard depends on a variety of factors, including how the material is classified, when the customer obtains control of the material, and whether or not the material is installed, designed, and manufactured by the contractor.

Revenue Recognition: Combining Contracts

Specific Guidelines and Examples

Using the Modified Retrospective Transition Method

Implementation of Financial Accounting Standards Board Accounting Standards Codification Topic 606

Retention Receivable Guidance

Implementation of Financial Accounting Standards Board Accounting Standards Codification Topic 606

Financial Statements, Schedules, and Disclosures for the Construction Industry

Sample ASC 606

ASC 606: FAQ

Answer to the commonly asked question: Will the Work In Progress Schedule be impacted due to the changes in Revenue Recognition?

Paycheck Protection Program: The Accounting Options

In this whitepaper, the CICPAC Thought Leadership Committee provides an overview of the four options that can be used to account for the PPP Loans.