ARB Construction and Real Estate Update

This even has passed.   Our 2018 agenda included:

TAX:  Plan early and often this year to save big.

The biggest tax overhaul in 30 years is about to see its first filing deadlines in Q1 2019.  As the IRS continues to provide clarification on the Tax Cuts and Jobs Act (TCJA), your business and individual tax planning process should be underway – and continue through the rest of the year.  Acting late could mean a higher tax bill next year.

  • Review the new TCJA tax provisions that specifically impact construction contractors and real estate developers.
  • Take a deep dive on big ticket items and review the provisions you should know about so you can take advantage of the new rules.

FINANCIAL REPORTING:  Starting in 2019 there’s no more “business as usual”

Revenue Recognition and Lease Accounting: You’ve heard of them…. now it’s time to take action.  Construction contractors and real estate developers must evaluate the impact of these financial reporting rules and prepare in 2018 before the rules’ effective dates in 2019 and 2020.

  • Cover the significant changes to revenue recognition and lease accounting and the major impact each will have on your surety and bank financial reporting.
  • Discuss how your systems and processes will need to change in order to implement these major changes starting in January.

INDUSTRY TRENDS:  Get out of the trenches and look down the road.

Take a few minutes to sit back and think big as we cover a myriad of topics playing major roles in the construction and real estate world today – and tomorrow.

  • Cover issues related to the legalization of Marijuana and the impact of the opioid crisis.
  • Talk about people matters such as the challenges of recruiting and HR.
  • Share ideas on the latest technology including what to focus on and what to ignore.
  • Remind you why you should care about succession planning and exit planning – and what you should do about it now, no matter what stage of your career you’re in.

David V. Jean, CPA, CCIFP, CExP | Principal
Albin, Randall & Bennett
djean@arbcpa.com
207-772-1981

 

Resources for Construction & Real Estate Companies:

Learning is a good start – but it takes action to make a change.

 

FMI USA Q3 Outlook 2018

 

12 Key Construction Ratios and Interpretations

 

ARB’s  15-minute Assessment helps you evaluate your readiness. Or, learn more about our Seven Step Exit Planning Process™ and how to develop a road map and plan for exiting your business. Contact David Jean for a complimentary consultation to discuss your goals for transitioning away from your business.