The Potential Impacts of Tax Reform to Real Estate & Construction Companies

  |  September 10, 2018

On December 22, President Trump signed the tax reform bill, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018," into law, marking the largest change to U.S. tax policy since the 1980s.

With most of the provisions already in place, it is critical to understand the bill’s conference process and IRS regulations issued in 2018, as they will provide guidance on how to apply key provisions along with the intent of Congress in drafting the bill.

To help them navigate the key provisions affecting the real estate and construction industries, we’ve summarized the top considerations and industry implications below. Read more. Read More

How Tax Reform Will Impact Construction

  |  April 16, 2018

Every type of industry is impacted by the bill known as the Tax Cuts and Jobs Act (TCJA), and the construction industry was not left out of the party. 

However, the precise impact will depend upon the structure of the business and the nature of its operations. For construction businesses organized as C corporations, these are the most significant changes - Read more Read More

Contractors, Don’t Wait to Act on Revenue Recognition

  |  March 7, 2018

Jan. 1, 2019, is quickly approaching. For most privately held construction companies, this is the implementation deadline for the new revenue recognition standard, Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. The time to act is now, especially for contractors with projects lasting over 12 months. A contract that starts now, but extends into 2019, will be subject to the new standard. 

In discussing the implementation with many people in the industry, the responses range from “Can’t you just tell me what to do?” to “I just need to write a memo; we’re not changing anything.” Why is there such disparity in responses regarding the implementation of an accounting standard? Read more. Read More