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July 31, 2018

Beware of New California Employee Protection Law

By Abe Livchitz, CPA, Senior Tax Manager
ASL Construction Group

In October, 2017, Gov. Brown signed Assembly Bill 1701 modifying the California Labor Code. The bill requires contractors to assume liability for any unpaid wages or fringe benefits owed to employees of their subcontractors. This provision applies to all nonpublic construction contracts entered into on or after January 1, 2018.  The new law requires diligent contractors to now monitor the payroll functions of their subcontractors and any subcontractors used by their subcontractors. (more…)

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Categories: Construction Corner, Summer 2018
Tags: Abe Livchitz, Assembly Bill 1701, California Labor Code, Contractors, subcontractors,
May 9, 2018

Contractor Financial Statements – How to Identify Warning Signs Before It’s Too Late

By Deepa Bhat, CPA, Principal
ASL Construction Group

It is not unusual for contractors to go through an entire fiscal year anticipating healthy profits only to end the year in a significant loss position. Here are some tips to identify and correct potential issues before they derail the Company’s financial performance: (more…)

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Categories: Construction Corner, Spring 2018
Tags: construction companies, Contractor Financial Statements, Contractors, Deepa Bhat, WIP,
January 30, 2018

Will Tax Reform Help My Business?

By Abe Livchitz, CPA, Senior Tax Manager
ASL Construction Group

In December, the Republican led Congress enacted the most wide ranging tax reform legislation since 1986.  Provisions will impact both personal and business tax liabilities beginning in 2018. The legislation contains changes that can both help and hurt a contractor’s bottom line. Significant provisions include: (more…)

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Categories: Construction Corner, Tax Reform, Winter 2018
Tags: Abe Livchitz, C Corporations, Contractors, Tax Reform,
November 17, 2016

Indirect Cost Allocation – Finding Your True Bottom Line

By Abe Livchitz, CPA, Senior Tax Manager
ASL Construction Group

Most contractors are very careful to keep a close eye on project costs such as labor and materials. But direct job costs like these are only part of the picture.

It is equally important to have a clear understanding of indirect costs such as rent, utilities, taxes and insurance. These costs must be accurately and consistently allocated among the various projects the company undertakes. (more…)

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Categories: Construction Corner, Fall 2016
Tags: Abe Livchitz, Accounting, Construction, Contractors, Indirect cost allocation, subcontractors,
August 18, 2016

Financial Reporting: How New Lease Accounting Rules Will Affect Contractors

By Carol Wagner, CPA, Principal
ASL Construction Group

Earlier this year, the Financial Accounting Standards Board (FASB) issued its long-awaited revised lease accounting standard. The new standard – Accounting Standards Update (ASU) No. 2016-02, “Leases (Topic 842)” – could have a significant impact on many contractors that lease vehicles, equipment or buildings. (more…)

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Categories: Construction Corner, Summer 2016
Tags: Carol Wagner, Construction, Contractors, New Lease Accounting Rules,
June 6, 2016

Tax Accounting Methods for Contractors

By Abe Livchitz, CPA, Senior Tax Manager
ASL Construction Group 

Contractors are unique clients operating in a specialized industry. They are resourceful, creative, thrive working under pressure of tight deadlines and constantly racing to stay ahead of economic downturns. To honor their uniqueness the tax code allows contractors to use two accounting methods that are distinctive to their business. (more…)

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Categories: Construction Corner, Spring 2016
Tags: Abe Livchitz, Accounting, Bay Area CPA, Construction, Contractors, Contracts, Methods, Percentage Completion,

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