Resource Library
2022-2023 Tax Planning Guide
Thompson Greenspon’s Tax Planning Guide for 2022-2023 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.
2022 Tax Rates, Common Deductions & Credits
Each year tax, even without new tax law, tax brackets adjust for inflation. Depending on the actions of Congress, various credits and deductions can expire, take effect, or be updated. Additionally, various limitations can change from year – everything from retirement contributions to gift limits. Download this quick reference guide for the 2022 updates, current as of publication date.
2022 New Tax Due Dates for Business Returns
Due dates for information and tax returns are set by statute. Whenever a regular tax filing date falls on a Saturday, Sunday, or a legal observed holiday in the District of Columbia, the due date for returns is pushed to the next business day. This reference list is for business information and tax returns reporting 2022 information.
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 Resources
2022 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 2022 and beyond.
Mid-Year Contractor Tax Planning Checklist 2022
With the recent signing into law of the Inflation Reduction Act of 2022, and continued impact from the Tax Cut and Jobs Act (TCJA) and CARES Act during 2021, it continues to be an active tax policy environment. This constant change requires continued analysis and proactive planning for CPAs and their contractor clients. This document provides a brief overview and reminder of areas for further consideration during planning in 2022 and beyond.
Construction Compensation Report 2022
The packet includes salary information for the following positions: Senior Project Manager, Senior Estimator, and Controller.
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.
Revenue Recognition Implementation Guide
Guidance for CPAs and Construction Companies
Tax Planning Opportunities CARES Act
Since the March 27, 2020 release of The Coronavirus, Aid, Relief and Economic Security Act (CARES Act), many tax provisions that are intended to put cash flow in the hands of individuals and businesses have been released.
Revenue Recognition Overview Terminology & Concepts
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
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?
Mobile Workforce Guidelines for Contractors
