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.
Commercial real estate is usually known as a hedge against inflation. Is that still the case? There are many variables to consider and investors need to look at the whole picture.
FinCEN issued a request for public comment in advance of a new proposed rule subjecting all-cash real estate transactions to new recordkeeping requirements. If passed, real estate would fall under increased regulatory oversight.
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.
As supply chain issues continue to threaten construction industry growth, there are risk management and cash flow forecasting strategies that contractors can use to manage the uncertainty and stay on top of the changes.
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