Construction Technology and Software Rundown: Oct. 16, 2020
Here's a rundown of the latest in construction technology and software.
Understanding the Impacts of Implementing Topic 606
Understanding the ramifications of Topic 606 and the differences between the varying financial reporting and tax rules is imperative.
Three COVID-19 Tax Benefits To Maximize Before 2020 Ends
Congress has provided tax credits and benefits to help ease the economic blow of COVID-19. Businesses need to maximize these before 2020 wraps up to help sustain operations and to set up a 2021 recovery.
The Impact of COVID-19 on the Lease Accounting Standard
COVID-19 is impacting leases in a variety of ways. Thankfully, FASB granted a one-year delay for applying ASC Topic 842, Leases.
Breaking Down the Work-in-Process Schedule
An in-depth and clear understanding of the WIP components is an essential tool to ensure any potential detriments are addressed immediately, thereby reducing any potentially negative impact on a contractor’s financial statements.
Steps Contractors Should Take After Receiving a PPP Loan
Once a PPP loan has been obtained, contractors should work immediately to bring back employees, track expenses by employee and prepare to apply for loan forgiveness right away, which is a huge benefit for all businesses able to obtain this loan.
Topic 606: A Retrospective Review of Revenue From Contracts With Customers
The most significant impact of Topic 606 on construction contractors’ financial statements relates to the presentation of contract assets and contract liabilities, and the disclosures associated with Topic 606. The recording of what is known as “the cost to fulfill a contract” is another area that has been affected.
Five Things Every Auditor Needs to Know About Taxes This Year
Here are five things that every auditor should be able to discuss with construction clients for this coming tax year.
