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2021-22TaxGuideCover

2021-2022 Tax Planning Guide

Thompson Greenspon’s Tax Planning Guide for 2021-2022 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.

FAR Audit Whitepaper

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.

2022TaxRates

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.

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2021 Tax Rates, Common Deductions & Credits

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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.

 

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2021 New Tax Due Dates for Business Returns

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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

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

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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.

2022CICPACCompReport

Construction Compensation Report 2022

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

ASC842LeasesWhitePaper

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.

2021COVIDConstructionWhitepaper_CICPAC

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.

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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.

Construction Revenue Recognition Implementation Guide

Revenue Recognition Implementation Guide

Guidance for CPAs and Construction Companies

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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

Revenue Recognition Overview Terminology & Concepts

Contract Abstract Analysis Tool

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.

Practical Asptects of Uninstalled Materials

Revenue Recognition: Practical Aspects of Uninstalled Materials

Combining Contracts Whitepaper

Revenue Recognition: Combining Contracts

Specific Guidelines and Examples

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Using the Modified Retrospective Transition Method

Implementation of Financial Accounting Standards Board Accounting Standards Codification Topic 606

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Retention Receivable Guidance

Implementation of Financial Accounting Standards Board Accounting Standards Codification Topic 606

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Financial Statements, Schedules, and Disclosures for the Construction Industry

Sample ASC 606

ASC 606 FAQ

ASC 606: FAQ

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

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Mobile Workforce Guidelines for Contractors

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Paycheck Protection Program: The Accounting Options