Category Archives: Uncategorized

Cash Management Tips for Construction Contractors

Cash management is one of the most important financial measurements construction contractors need to monitor in order to stay competitive within their industry. From the bidding phase through project closing, established policies and procedures can improve cash flow so your construction company stays ahead of your competition. I discuss tips for establishing these types of procedures for each stage of the project in my latest NUCA’s Business Journal, article, “Effective Cash Management for Contractors, co-authored with Tim Cummins. For this blog, I have created a short list of the main points for you to consider during each stage.

Bidding on …read more

Read more here:: Construction

Boost Your Medical Practice Profitability – The Benefits of Direct Care

Over the past few years, medical practices have been feeling the squeeze of lower insurance reimbursements and the burdensome of administrative compliance to chase those dollars. Direct care, or retainer-based medicine, is an emerging and alternative way for doctors to serve their patients.

Under direct care, a medical practice provides services in a manner that effectively bypasses insurance companies. The result is lower costs to the patients, lower overhead costs to the practice, and an increase to practice profitability. Additionally, it eliminates the uncertainty of whether insurance companies will pay or not. Cutting out the time spent dealing with insurance compliance …read more

Read more here:: Beyond The Numbers

GSA Whistleblower Vindicated, FAS and TTS Realignment, and Politics – Not as Usual?

Shakeups in the management of the General Services Administration (GSA) continue to cascade and make waves. In early July, the Office of Special Counsel (OSC) announced that it reached a settlement with the GSA on behalf of recently-resigned Federal Acquisition Service (FAS) Commissioner Thomas Sharpe. In its letter to President Trump on July 5th, the OSC agreed with Sharpe’s allegations that GSA had “grossly mismanaged its Technology Transformation Service (TTS).”

Following our previous blog post and shortly after Sharpe’s resignation as FAS Commissioner, the GSA Office of Inspector General (OIG) issued a report regarding its investigation into allegations …read more

Read more here:: Government Contracting

New Form 5472 Filing Requirement for U.S. Disregarded Entities Owned by a Foreign Person

On December 13, 2016, the IRS issued T.D. 9796, new regulations that require U.S. disregarded entities owned by a foreign person to file U.S. Federal Form 5472. The new Form 5472 filing requirement applies for tax years beginning after December 31, 2016 and ending on or after December 13, 2017.

Form 5472 is required to be filed by a reporting corporation that engages in reportable transactions with a U.S. or foreign related party. For this filing requirement, a reporting corporation is defined as either a U.S. C Corporation owned directly or indirectly by a 25% foreign shareholder or a foreign corporation …read more

Read more here:: Tax

ASC 606 Revenue Recognition Series: Who, What, Where, When and Why (Part I)

The Financial Accounting Standards Board (FASB) recently amended the rules for revenue recognition in the Accounting Standards Codification (ASC) to add ASC 606: Revenue from Contracts with Customers. This addition will replace ASC 605: Revenue Recognition as well as most industry specific guidance. The implementation of this new standard will affect operations and financial reporting for almost all entities that enter into contracts with their customers, making it one of the most profound ASC amendments. This blog will explore the who, what, where, when, and why of ASC 606.

Who

ASC 606 affects all entities that have adopted accounting principles generally accepted …read more

Read more here:: Beyond The Numbers