Construction Industry Conference

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May 10, 2019

Registration: 7:15 AM / Program: 8:00 AM - 4:45 PM

Fees

Member Fee: $325.00
Nonmember Fee: $400.00

Available Discounts

AICPA Member: None
Full time Accounting Educator: -162.00

The above fees may not be reflective of the total event price. See below.

Description

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Learn about the latest challenges and solutions faced by the construction industry and the CPAs who work with them!

Can't attend in person? Attend via live webcast!


Conference is developed by the OSCPA Construction Industry Project Committee.

Designed For

CPAs, CFOs, controllers, attorneys, surety underwriters and producers, contractors, construction industry suppliers and anyone interested in the financial aspects of the construction industry. This conference is perfect for those of you wishing to update your knowledge and skills.

Objectives

Provide an overview of current issues and developments impacting the private industry arena as well as the construction industry, in general.

Major Subjects

  • Economic Outlook 2019–2020: Should You Fear the Recession?
    Tim A. Duy, PhD, University of Oregon
    Tim will review recent economic developments and what they tell us about the evolution of the economy over the next twelve months.
  • Construction Accounting & Auditing Update: ASC 606 Revenue Recognition: Lessons Learned
    Eric P. Wallace, Eric Wallace LLC
    SC 606, Revenue from Contracts with Customers, aka Rev. Rec., is the most dramatic and difficult change in A & A in memory for the construction industry. Contractors and their advisors must make the decision to implement the new GAAP, or not, now. ASC 606 is applicable for non-public entities for calendar year 2019. If implementation is decided, the contractor must develop the internal systems needed for the data. If the contractor is instead going to employ the AICPA accounting framework, the FRF for SMEs, it must obtain the bank and surety permission. The employment of the AICPA framework means little, if any, changes or increased costs. The contractor’s owners should understand what these two choices entail. Rev. Rec. comes at a high cost in increased CPA fees and in internal system support. Large contractors with contracts, operations in numerous states must most likely follow GAAP. On the other hand, just about every other contractor does not. Subject Matters and Learning Objectives: Summary of significant judgements necessary to recognize revenue from contracts, Rev. Rec. new vocabulary and concepts, Practical discussions on identifying performance obligations, transaction prices, variable considerations, constraining estimates, contract modifications, uninstalled materials, non-cash considerations, contract schedule preparation, and disclosures,
    Summary of what will be different from what you do now, Summary of tax implications, Available guidance and disclosure from public construction company filings and issues that will be applicable to non-public that were not for public, How to implement AICPA FRF for SMEs (names of financials, disclosures, schedules of contracts), aand What permission must be obtained from the contractor’s bank and surety and when (now)

  • Work In Process Analysis
    Tracy M. Allen, CPA, CCIFP, Aldrich CPAs + Advisors LLP
    James J. Grabski, Pence Construction
    This session will be looking at and analyzing a work in process from a contractor perspective and an outside users' perspective and will cover what a WIP is telling you to assist in identifying risk both internally and externally.
  • Contractor Tax Update: The Dramatic New Contractor Tax Issues for 2018 and Beyond
    Eric P. Wallace, Eric Wallace LLC
    Contractor tax return preparation for 2018 is certainly “one for the records”. While IRS 1120Ss and 1065s look similar to prior years, the new disclosure lines and issues for (a) 199A for QBI, W-2 wages, UBIA; (b) Interest limitation of 163(j) for calculations of ATI, excess taxable income, excess business interest excess business interest expense, to (c) 461(l) $500k loss limitation is not. While the 1120S and 1065 look the same, the 1040s do not, resulting in business owners asking how they should review their 1040s. Another bomb from the TCJA is the potential for tax method changes for contractors. Subject Matters and Learning Objectives: What we have learned about 199A, Interest expense considerations for contractors and related real estate ownership, Business loss limitations and its interaction with 179 or 481(a) deductions from method changes,
    TCJA tax method changes keys for contractors: how to, what to pay attention to, how to calculate 481(a)s or not, and key TCJA methods of change away from accrual, 263A, inventory, and/or PCM, Other “must not miss” tax method changes for contractors over $25MM in average annual gross receipts.
  • Business and Estate Succession Planning
    Joshua E. Husbands, Holland & Knight LLP
    This presentation will cover current strategies for the efficient and effective succession between generations and employers/employees. Topics will include sales, gifts, funding strategies, and ESOPs.
  • Successful Management of Claims and Change Orders
    Stephanie Holmberg, Attorney & Darien Loiselle, Attorney, Schwabe Williamson & Wyatt
    Contractors deal with expensive, time-consuming legal claims. Learn how to assist your contractor clients in handling these claims in a way that effectively resolves disputes without breaking the bank.

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Leaders

Tracy Allen

Tracy brings 20 years of public accounting experience focusing in the construction industry and currently leads Aldrich’s construction group in Oregon. She provides attest work, consulting services such as cash-flow management, operational reviews, system and process reviews, as well as succession planning to her clients. Tracy is actively involved in helping the local and national construction industry. She has been a member of the Portland CFMA chapter for over 15 years and helped to co-write WIP 360 and Advanced WIP for CFMA National. She has taught locally and nationally for various construction associations. In addition, she has been recognized nationally by attending AICPA’s Leadership Academy and locally by receiving the Daily Journal of Commerce ‘Women of Vision’ award for her role in shaping the construction industry in Oregon and southwest Washington and the Portland CFMA Chapter Founder’s Award. Tracy has held several leadership positions with the Oregon Society of CPAs and is currently serving on the Board of Directors.

Timothy Duy

Professor Duy received his B.A. in Economics in 1991 from the University of Puget Sound, and his M.S. and Ph.D. in Economics in 1998 from the University of Oregon. Following graduate school, Tim worked in Washington, D.C. for the United States Department of Treasury as an economist in the International Affairs division and later with the G7 Group, a political and economic consultancy for clients in the financial industry. In the latter position, he was responsible for monitoring the activities of the Federal Reserve and currency markets. Tim returned to the University of Oregon in 2002. He is the Senior Director of the Oregon Economic Forum and the author of the University of Oregon Statewide Economic Indicators, Regional Economic Indicators, and the Central Oregon Business Index. Tim has published in the Journal of Economics and Business and is currently a member of the Oregon Governor's Council of Economic Advisors and the State Debt Policy Advisory Commission. Tim is a prominent commentator on the Federal Reserve. MarketWatch describes his blog as “influential,” the Huffington Post identified him has one of the top 26 economists to follow on Twitter, and he is listed on StreetEye as one of the top 100 people to follow to discover finance news on Twitter. Major national and international news outlets frequently quote him, including the New York Times, the Washington Post, the Financial Times, the Wall Street Journal, and Bloomberg. He also writes a regular column for Bloomberg Markets.

James Grabski

Jim Grabski is currently the Chief Financial Officer for Pence Companies, a Northwest based general contracting group, that works throughout the western United States. In addition to overall responsibility for Pence Company's financial functions, Jim is responsible for treasury, budgeting and forecasting, risk management, and economic strategy for several entities. Prior to joining Pence Companies in 2017, he spent 6 years as CFO for Greenberry Industrial, an industrial contractor, and was the Western Region Vice President of Finance for JE Dunn Construction Company, a national general contractor, spending for 14 years with the firm. In the 9 years before entering the construction industry, Jim was the Dealer Principal and General Manager, for the Northwest's sole Toyota Industrial Equipment enterprise, which gives him unique insight into the construction equipment business. He is a Past President of CFMA's Portland Chapter and has been recognized with its Founder's, President's and General Member of the Year award and was a 2016 finalist for CFMA National's Debra Hahn Memorial Award. He was a finalist in 2013 for the Portland Business Journal's CFO of the Year award. Jim is a frequent speaker and presenter for CFMA on both a local and national basis and is a co-creator of CFMA's nationally recognized "A 360° View of Your WIP" and "Work in Progress: A Deep Dive an Advanced Perspective of WIP" programs.

Stephanie Holmberg

As leader of Schwabe’s Real Estate and Construction industry group and as a Shareholder in the firm's Litigation Department, Stephanie Holmberg helps owners, developers, contractors and design professionals resolve disputes at the administrative level and in state and federal courts. She also navigates clients through the public works bidding process and regularly assists with bid protests. Drafting and negotiating contracts is another service Stephanie performs and are topics on which she routinely presents.

Joshua Husbands

Joshua E. Husbands is a partner and the Regional Team Leader for Private Wealth Services in in Holland & Knight LLP's Portland, Oregon office. Josh represents clients in an array of business, tax, business succession and estate planning matters, including business reorganizations, acquisitions, and divestitures. He often writes and speaks on a number of business, tax, life insurance, and asset protection matters concerning businesses and high net-worth individuals, and he chairs Holland & Knight's national life insurance practice. He has been listed in Best Lawyers in America, Chambers High Net Worth guide, Oregon Super Lawyers and the International Who's Who of Private Client Lawyers and was selected to the list of Forty under 40 by Portland Business Journal in 2013. Best Lawyers has twice named him (2016 and 2019) as Portland Lawyer of the Year for Closely Held Companies and Family Businesses Law. Joshua received a degree in Finance from the University of Texas at Austin and his JD cum laude from Lewis & Clark Law School. He is a Fellow of the American College of Trust and Estate Council, where he is the Oregon State Chair and Past-Chair of the New Fellows Steering Committee, and is on the board of the Estate Planning Council of Portland as the President-Elect. He is also on the Board of the Portland Japanese Garden Foundation (Past-President), which is his favorite place in Portland to take a deep breath and relax.

Darien Loiselle

Darien Loiselle leads a comprehensive construction practice for Schwabe’s Construction and Design Group. His clients include owners, general contractors, designers and engineers, specialty contractors, insurers and maritime interests. A member of Schwabe since 1992, Darien has extensive experience negotiating agreements, solving complex disputes and representing clients in litigation on major construction and marine projects.

Eric Wallace

Eric’s CPA firm focuses on providing professional services and web-based tools to CPA firms and to construction, real estate, and manufacturing companies. With his extensive expertise in tax in tax method changes, tangible property regulations (263(a)), depreciation (168), NOL, 263A, A & A in auditing (12th year as author of CCH’s Engagement construction audit programs) to one of the authors of the AICPA FRF for SMEs framework he provides nationally recognized tax, accounting, auditing and consulting services. Over the last 30 years, Eric ran his own firm, and was a Partner and head of the CRE Team for a regional firm located in Pennsylvania. He also provides services, consulting, writing, and training nationwide to contractors, real estate owners, CPA firms, CPA organizations, Wolters Kluwer, and related entities. Eric has been an expert witness in construction related court issues, accounting malpractice, and other court case in venues such as bankruptcy, district, and local courts in various states concerning accountants’ liability, contractor claims, joint ventures, arbitration, tax and accounting issues and in IRS audit issues.