In This Issue:
Changes in GAAP on the Horizon for Privately Held Entities
When you think of the word “contractor,” what comes to mind? For me, it’s not companies on the New York Stock Exchange. Yet, small and mid-size contractors must follow accounting rules that were designed with publicly traded entities in mind. As these rules have evolved, they have become more complex and costly to follow. This trend is what has driven the Financial Accounting Foundation (FAF) to consider the need for alternatives for privately held entities.
By Matt Bishop, CPA, MBA
What Do the Final “Repair and Maintenance” Regulations Mean for Your Business?
The Internal Revenue Service (IRS) issued final repair regulations Sept. 13, 2013. The new regulations are set to become effective Jan.1, 2014 and are mandatory for all taxpayers as of that date. Taxpayers are given the choice to make the election to follow the new repair regulations retroactively as of Jan. 1, 2012. The new rules will affect all taxpayers industry-wide that acquire, produce or improve tangible property. By Sarah Hammond, CPA
Production Activity and Section 263(a): Uniform Capitalization Rules
The Uniform Capitalization (UNICAP) rules of Section 263(a) of the Internal Revenue Code (IRC) prescribe the method for determining the types and amounts of costs that must be capitalized rather than expensed in the current period. The UNICAP rules apply to those who, in the course of their trade or business, produce real or tangible property for use in the business or activity; produce real or tangible property for sale to customers; or acquire property for resale. By Jolaine L. Hill, CPA
Connecting Generations in the Work Place
Have you noticed anything different in your workplace lately? Depending on your perspective you might be saying to yourself, “Where did all of these kids come from?” Or you might be thinking, “When is this dinosaur going to retire?” Or still yet you might be wondering, “How can that manager afford to leave every day at 5:00?” By James M. Nestor, SPHR
Leveraging Cloud Computing in Construction
Just what is cloud computing, why is there such buzz around it, and how can it be used by construction professionals? Cloud computing is a conceptual term used to describe the act of providing information technology (IT) solutions to organizations through the Internet. It allows organizations to implement IT solutions without having to purchase hardware and software and then hiring IT staff to maintain it. By Charles C. Brandt, III & Dan Moyers
Katz, Sapper & Miller’s Construction & Real Estate Industry Advisor is a bi-annual newsletter that focuses on the financial side of the construction and real estate industries.