Lance Trammell, CPA, Partner, Assurance Services

Lance Trammell joined Lane Gorman Trubitt, LLC (“LGT”) in 1999 and has nearly two decades of experience working with a diverse portfolio of clients, particularly in the construction, real estate, and manufacturing/distribution sectors. A specialist in large scale project management, Lance oversees the delivery of quality service to clients needing assurance, review, and compilation solutions by supervising staff on engagements, reviewing documentation, and preparing financial statements. Lance’s insight is frequently sought by members of the construction industry, and he has been involved in expert witness preparation and testimony for construction-related disputes. Lance is also well versed in compliance and HUD-related matters, and frequently presents on topics unique to the construction industry.

Recent Posts

Are you getting all that you deserve?

Don’t overlook the research credit

Construction businesses are often surprised to learn that they may be eligible for the research tax credit, often referred to as the “research and development,” “R&D” or “research and experimentation” credit. Too often, they assume that this tax break is for only large pharmaceutical, biotechnology, software, and aerospace companies, so they don’t bother to investigate whether any of their activities qualify.

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Topics: Accounting Tips, Tax, Audit, Construction

Keeping an eye on costs and cash flow…

Ways to keep your profits on track

On any given morning driving into the office I pass 3-4 construction sites.  In just the last month I’ve seen a small office building be demolished, cleared, and a pad being laid for a new building.  Commercial and residential construction continues to flourish in the DFW Metroplex. While this is great news, there is a down side to this trend that contractors must be on the lookout for. 

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Topics: Accounting Tips, Construction

Why You Should Keep a Close Eye on Your Estimates

I think everyone would agree with the statement that a strong foundation is key to a successful project. The foundation is the base for which everything is built on so it must be able to bear the burden. In constructing the foundation, you have to consider many factors ranging from the ground it is being built on to the load it must help support. A solid foundation will stand the test of time whereas a poor foundation can lead to costly repairs.

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Topics: Accounting Tips, Construction

Revenue Recognition Update

What you need to know about ASU 2014-09

ASU 2014-09 is the newly released accounting standard update affecting revenue recognition in all industries. The reasoning behind these changes is to reduce inconsistencies and the risk of recognizing revenue incorrectly, to reduce the options of industry-specific U.S. GAAP guides and to create a collaboration between Financial Accounting Standards Board (FASB) and International Accounting Standards Board (IASB) for improved and converged rules.

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Topics: Auto, Real Estate, Accounting Tips, Not-for-Profit, Tax, Healthcare, Construction