Over the last six months our Construction Industry team here at Lane Gorman Trubitt has been working on producing an informative video series covering the new revenue recognition guidance and how it will impact how contractors consider and account for revenue on its contracts with customers. During that time we have fielded questions about this topic and its impact on the construction industry. Here are the some of the most frequently asked questions.
Topics: Real Estate, Construction, Financial Accounting Standards Board, Revenue Recognition, FASB
No part of the country is immune from disaster. Whether your construction company operates near water or in a desert, in the city or the suburbs, a natural calamity could stop you in your tracks and even put you out of business. For this reason, it’s a good idea for every contractor to at least consider business interruption insurance.
Topics: Construction, insurance
Technological innovations and other recent developments are rapidly altering the job estimators perform for construction companies. Estimators are taking on a more collaborative, value-added role — enabling them to have a significant impact on project costs, quality and risk management. Let’s look at some of the most important changes.
Topics: Construction, accounting
You’ve got a fence around the job site. Your heavy equipment is turned off and the keys stored securely. Your materials are tied down and, where possible, kept out of sight. But what about your financial assets? Are you protecting those as carefully as your physical assets?
Topics: Tax, Construction, consulting, accounting
It’s been eight years since the Financial Accounting Standards Board ("FASB") first proposed an overhaul of its revenue recognition standard and four years since it issued the new standard. Now the standard’s effective date is finally approaching — Jan. 1, 2019, for calendar-year nonpublic companies that comply with generally accepted accounting principles ("GAAP"). Is your company ready?
Topics: Accounting Tips, Audit, Construction, consulting, revenue, guide
The more people come to your site, the more likely they are to become clients or customers. Continuing to drive people to your site is beneficial for your overall business. In this last installment of the search engine optimization (“SEO”) series, we’ll be covering a few more tips that will help bring traffic to your site again and again.
Topics: Auto, Manufacturing & Distribution, Real Estate, Not-for-Profit, Healthcare, Construction
The passage of a new tax law in December was intriguing, if not downright exciting, news for most construction company owners. Now that the dust has settled, this article takes a look at some highlights, including reduced tax rates and boosted depreciation deductions. A sidebar points out that some valuable tax breaks have been eliminated or limited.
Topics: Tax, Construction, IRS
Welcome to the next blog post in a series of best practices for search engine optimization (“SEO”) and your organization’s website. We’ll discuss user experience (“UX”): what it is, what it means, and what you can do to help potential clients gain a better understanding while visiting your website. We’ll also go over user interface design (“UI”) and how it relates to UX.
Topics: Auto, Manufacturing & Distribution, Real Estate, Not-for-Profit, Healthcare, Construction
In a series of SEO, we’ll discuss different tasks you can do in order to help maximize traffic on your site.
Let’s start from the beginning. What is SEO? SEO stands for search engine optimization. What does that mean? Search engines like Google, Bing, and Yahoo all use algorithms that decide how to rank sites on their pages, and SEO is the process that helps your site rank closer to the top of the page.
Topics: Auto, Manufacturing & Distribution, Real Estate, Not-for-Profit, Healthcare, Construction, consulting
For many years, contractors have been advised to look into the Section 199 tax deduction for “domestic production activities.” Although the deduction focuses on manufacturing, it’s also available for “construction of real property performed in the United States” by companies “engaged in the active conduct of a construction trade or business.”
Topics: Real Estate, Accounting Tips, Tax, Construction