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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.
- 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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