Is your business sharing too much data with AI? Implementing the use of Artificial Intelligence (AI) in your business practice is an important step to stay competitive in any industry….
The key to effective SOC audits: The right auditor Organizations often request SOC reports from service providers to assess their control environments, especially when sensitive data or critical services are…
New legislation provides some tax relief for contractors Complying with sales tax laws can be challenging for the average business; however, compliance is even more challenging for contractors who may…
…important in maintaining fairness and balance in contractual agreements between the government and contractors. Understanding REAs is crucial for both parties involved, as they represent a formal process to address…
…to, evaluate and implement the new standard. A more tricky area of the new revenue recognition standard for contractors is the idea of uninstalled materials, or their impact on satisfying…
…Cybersecurity team will continue to monitor the rollout of the CMMC program and update you on new information and changing requirements for DoD contractors. Questions? Contact us: Email | 804.747.0000…
…understanding over backlog helps contractors effectively manage scheduling, expectations, and the completion of future work. Additional considerations The role of a Contractor Finance Leader entails much more than monitoring the…
…to best practices in reporting to enhance and promote consistency in contractor financial statement reporting. Tips for Consistency in ASC 606 Reporting ASC 606 Terminology Changes Contractors need to be…
…are classified as contract assets. This means the contractor does not have an unconditional right to the retention amounts until certain conditions are met. Receivables for retentions If the contractor’s…
What Virginia Construction Contractors Need to Know About New Statute §11-4.6 Earlier this year, the Virginia General Assembly enacted a law that can make contractors liable to the subcontractors’ employees…
…(i.e. independent contractor). Rather, your worker classification is determined by your facts and circumstances. Worker classification is a hot topic with the IRS so correctly identifying your status is very…
Customer location impacts state and local tax compliance requirements for businesses Many of the top state and local tax considerations for this year are the same as last year but…