A CPA'S REPORT FOR THE CONSTRUCTION INDUSTRY
Winter 2011

ASC 810 and Credit and Bonding Capacity

A recent statement from the Financial Accounting Standards Board (FASB) could affect many contractors' financial reports - and thus affect their standing with lenders, sureties and other key financial relationships.

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IRS Adds New Disclosure Requirement

The IRS is making final changes to a new regulation that will add more complexity to many contractors' corporate tax returns. The new regulation will govern how businesses must report uncertain tax positions - that is, positions that are well-grounded and taken in good faith, but which a company recognizes may not prevail because of uncertainty or conflicting interpretations of tax law.

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Strategies for a Soft Economy

You've managed to hold on this long, but how do you weather the rest of this unusually long economic downturn?

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What Catches the IRS's Eye?

When IRS Commissioner Doug Shulman announced the agency's most recent five-year strategic plan, he cited two overarching goals. The first was "to improve service to taxpayers to make voluntary compliance easier." The second was "to enforce the law to ensure everyone meets their obligation to pay taxes."

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The articles in this newsletter are general in nature and are not a substitute for accounting, legal, or other professional services. We assume no liability for the reader's reliance on this information. Before implementing any of the ideas contained in this publication, consult a professional advisor to determine whether they apply to your unique circumstances. © 2013