Private company adoption of the new lease accounting update, ASC 842, is well underway. The impact will be felt in areas other than the balance sheet, especially for businesses in commercial real estate and construction.
An executive order could require federal construction contractors to implement a vaccine mandate on all federal jobs; however, recent court challenges make following the standard tricky, especially from one contract to another.
Construction contractors can use the temporary 100 percent business meals deduction for per diem expenses. Rate changes are in effect as of October 1, 2021. Contractors may want to review their expense reimbursement policies.
The Build Back Better Act contains a lesser-known tax proposal to permanently eliminate certain excess business losses. Especially for rental real estate owners, the effect is potentially substantial.
Several potential changes to partnership taxation may be coming for real estate partnerships in the federal budget reconciliation. If passed, partnerships may need to invest in real estate tax technology to stay in compliance.
In 2022, QuickBooks Desktop is migrating two of its products, Pro and Premier, to a subscription-only software. Small businesses and other organizations have a few options, but limited time to decide their next steps.
Construction contractors are in the business of documentation: contracts, reports, schedules, the list goes on. And that’s not including tax and financial records. Though most if not all this documentation is done digitally now, there are still questions about how long to keep certain records.
Half of all real estate companies report being unprepared for a cyber attack. Understanding where risk comes from and how to prevent and mitigate data breaches can help companies avoid the costly effects of cybercrimes.
One in six construction companies fall victim to ransomware every year. They are at high risk for cyberattacks, yet most do not have a cybersecurity strategy. Understanding where risk comes from is a good start; proactively mitigating it takes teamwork.
The Protecting the Right to Organize (PRO) Act passed the House in March 2021. What’s next, and how is it poised to affect the construction industry?