Accounting Standard Update for Gifts in Kind
A recent accounting standard update (ASU) for nonprofits has been issued by the Financial Accounting Standards Board (FASB). ASU 2020-07 Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets will be effective for nonprofits with annual reporting periods beginning … Read more…
The SECURE Act Starts the Clock on Inherited IRAs
The “Setting Every Community Up for Retirement Enhancement” Act (SECURE Act) made significant changes to IRAs inherited after January 1, 2020. For those who inherit IRAs after this date, the SECURE Act requires you to withdraw the inherited funds within … Read more…
5 change-order pitfalls construction companies should avoid
Properly documented and handled change orders can mean more profitable jobs for construction companies. When the process doesn’t go smoothly, however, you risk not getting paid on time — or at all — for the extra work. Here are five … Read more…
A Closer Look at Donor-Restricted Contributions
A contribution is an unconditional transfer of assets or settlement of liabilities in a voluntary, nonreciprocal transfer. Contributions are recognized at fair value when the contribution is made/promised. Revenue from unconditional contributions is recognized by the nonprofit in the period received/promised … Read more…
Healthcare Webinar: Employment Law Updates for 2022
Our July 22, 2022 Employment Law Update webinar focused on issues that matter most to healthcare clinics. In this online presentation, attorney Jaclyn K. Rudebeck and Edward C. Earl, J.D. Candidate 2023 from Watkinson Laird Rubenstein shared the latest state and federal updates … Read more…
R&D Expenditures – Do you need to capitalize?
The answer is, “Yes, for tax purposes”. A long-forgotten provision of the Tax Cuts and Jobs Act (“TJCA”) that was delayed until 2022 requires research and development (R&D) expenses incurred after December 31, 2021, as defined by Internal Revenue Code … Read more…
Could the Work Opportunity Tax Credit help your construction company?
The construction industry has been facing a labor shortage for years. Although there are various ways to tackle the challenge, one approach to keep in mind is expanding your hiring pool to, in part, avail yourself of a potentially valuable … Read more…
Upcoming Action Dates for Oregon’s Pass-Through Entity Elective Tax
In July 2021, Oregon established an elective Pass-Through Entity Tax (PTE-E), a business alternative income tax in response to the $10,000 cap on the federal State and Local Tax (SALT) deduction added in the 2017 federal Tax Cuts and Jobs … Read more…
Ensure your construction accounting system has the right features
Construction accounting is distinctively complex. Unlike other businesses that rely heavily on a general ledger to track finances, construction companies need to master a project-based approach to accounting. After all, each of your jobs serves as an individual profit center … Read more…
After tax day: Take these action steps
The April tax filing deadline has passed, but that doesn’t mean you should push your taxes out of your mind until next year. Here are three tax-related actions that you should consider taking in the near term (if you filed … Read more…
