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Category: Contractor Chronicles

FASB Issues Update to Fair Value

The Financial Accounting Standards Board (FASB) recently issued an Accounting Standards Update (ASU) to clarify implementation guidance and disclosure requirements in leases standard. The update addresses two lessor implementation issues and designates lessees and lessors exempt from a specific interim disclosure requirement associated with adopting the new leases standard. In 2016, FASB released updated guidance […]

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Building Profitable Estimates

Accurately estimating construction costs lies at the heart of a company’s long-term success, which is why the methods and tools that estimators use to arrive at their final bid are so important. Estimates must consider labor, equipment, material, subcontractors, and other direct and indirect costs, such as insurance, permits, and taxes. Omitted or incomplete items […]

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But First, Technology

Recent changes in technology have significantly altered how contractors do business. Specialized software is changing the way estimators produce bids. Building Information Software (BIM) is allowing teams to integrate design with costing. Drones record spatial location, distances, temperature, ambient and material humidity, as well as capture digital photos. These solutions are only three examples of […]

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Determining Independent Contractor or Employee Status

According to a study by Intuit Inc., by 2020 40% of American workers will be independent contractors. This employment trend is what is known as the gig economy. This free market system is a significant departure from traditional work arrangements. When employers leverage independent contractors, they save on the cost of benefits, office space, taxes, […]

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How the New Limitations on Business Interest Deductions Will Impact Contractors

Before passage of the Tax Cuts and Jobs Act, payments of business interest expense to a lender were fully deductible. Effective for tax years beginning after December 31, 2017, businesses will have limited ability to deduct its interest expense unless they can meet special criteria that would allow them to avoid the limitation. In this […]

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