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How the New Revenue Recognition Standard Will Impact the Construction Industry

Posted 4:30 PM by
The revenue recognition methodology for the construction industry will change with the adoption of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers (Topic 606). Topic 606 is effective for public companies for periods beginning after Dec. 15, 2017 and for most non-public companies for periods beginning after Dec. 15, 2018. Early adoption is permitted.
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KSM’s Construction Services Group to Host Viewpoint Construction Software Local User Group Meeting Feb. 4

Posted 3:30 PM by
Katz, Sapper & Miller’s Construction Services Group will host a Viewpoint Construction Software® Local User Group Meeting Feb. 4 in Indianapolis.
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Looking Ahead: ASUs Effective for Fiscal Years Beginning After 12/15/18

Posted 1:00 PM by
As 2018 comes to a close, it’s time to look ahead to the many changes in generally accepted accounting principles in the United States (U.S. GAAP) that will become effective for 2019 calendar year ends. The following summarizes accounting standards updates (ASUs) which are effective for fiscal years beginning after Dec. 15, 2018 for most nonpublic companies.
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Deciphering the New SOC 2 Framework

Posted 8:30 PM by
Dec. 15, 2018 is right around the corner, and any System and Organization Controls 2 (SOC 2) reports covering periods ending after that date are required by the American Institute of CPAs (AICPA) to incorporate a new SOC 2 framework. So, how will this impact the SOC 2 reports that service providers will deliver moving forward?
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How Revenue Recognition Is Impacting Buy Here – Pay Here Dealers

Posted 3:00 PM by
When the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, it represented perhaps the most extensive changes to accounting standards for revenue recognition ever. Experiencing a number of revisions and amendments since its issuance, the new guidance is effective for calendar years ending Dec. 31, 2018 for public companies and Dec. 31, 2019 for nonpublic companies; however, many have delayed analyzing how significantly the updated standards will impact their business.
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Tax Reform and Year-End Considerations: What You Need to Know

Posted 7:00 PM by
The Tax Cuts and Jobs Act (TCJA) was the most sweeping overhaul of the U.S. tax code in more than three decades, and its changes will impact nearly every 2018 federal income tax return. As the year draws to a close, now is the time to consider year-end tax planning strategies to help you maximize deductions and minimize your tax bill – for this year and the year ahead.
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Help Maintain a Healthy Veterinary Hospital With This Year-End Checklist

Posted 6:30 PM by
As the year draws to a close, business items can easily get lost in the flurry of holiday activities. That is why we created this year-end checklist – to help you make the most of 2018 and to help keep your business as healthy as it can be.
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Living in a Post-Wayfair World: How Failure to Comply Can Hurt Your Business

Posted 6:30 PM by
The Supreme Court’s recent South Dakota v. Wayfair decision allows states to require sellers to collect and remit sales tax based on the establishment of economic nexus. Though many businesses have taken note, they’re still asking, “Does this really affect me?” For many businesses, doing the same things this year that you did last year could mean new state tax obligations. Beyond upholding many states’ existing laws, Wayfair has inspired others to propose similar statutes or enforce existing ones more vigorously. In fact, more than 30 states have enacted or proposed economic nexus standards.
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Malarsky to Speak on International Tax at ICLEF Seminar

Posted 3:00 PM by
Katherine Malarsky, director in KSM’s Tax Services Group, will discuss international tax reform at an Indiana Continuing Legal Education Forum (ICLEF) seminar on Dec. 11. The event, held at the ICLEF Conference Facility in Indianapolis, will educate non-tax attorneys of all backgrounds on tax law updates spurred by recent tax reform. The fast-paced seminar, worth three CLE credits, will feature nine different speakers giving 20-minute presentations.
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Standards Update: 11/26/18

Posted 3:30 PM by
The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).
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