…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…
…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…
…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…
…(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…
…subrecipient, or just a contractor? Receiving funds through a lead partner or state agency does not automatically make you exempt. If you are classified as a subrecipient, audit requirements may…
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…
…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 …
Open-End Real Estate Fund Considerations for Fund Managers The real estate market continues to thrive as a whole, despite a tumultuous past 12 months. Real estate investment funds remain a…
…between GAAP and tax accounting lies in the treatment of startup expenses. Startups often incur significant costs during their initial stages. GAAP considerations for startup costs Startup costs, also referred…
…with contractors. Contractors with respect to realty generally are considered the taxable user and consumer of items they buy and use in their work – whether materials, tools and equipment,…
…or extended stay with attractive service offerings could result in additional taxes. Short-Term Rental State & Local Tax Considerations There are also state and local tax considerations for short-term rentals….