ASC 606 impact assessment for construction contractors

The new revenue recognition standard is effective for fiscal years beginning after Dec. 15, 2018 for private companies. Construction contractors earn the vast majority of their revenues based on contracts with customers. Therefore, most contractors will be impacted by this new standard in some manner but many are still not sure how much it will impact them and time is running out. If you have yet to do a preliminary assessment of what impact ASC 606 will have on your business, get started with this questionnaire.

Take the ASC 606 impact assessment >

We understand what it takes to reduce your costs and improve profitability in a fiercely competitive market.

With a proactive approach to your complex tax needs, you can depend on our industry specialists to identify and capitalize on opportunities related to structuring, financing alternatives, and balance sheet planning.

Our experience working with general, heavy/highway, and other specialty contractors, as well as architecture and engineering firms, goes beyond audit and tax services. As you work to build your business, rely on our straightforward advice to resolve disputes, plan for succession, execute acquisitions and divestitures, and improve internal controls.

Continual collaboration with our renewable energy development, real estate transactions, and public sector specialists provides you with a valuable connection to construction opportunities.

On-demand webinar series: The fundamentals of planning and executing successful ownership transitions

On-demand webinar series: The fundamentals of planning and executing successful ownership transitions

All businesses must transition ownership and leadership positions at some point, whether because of retirement, resignation, dismissal, or other unplanned or opportunistic circumstances. Within construction, the prevalence of aging business owners is building a significant need for transition planning. Despite this trend and the awareness organizations have about the importance of this type of strategic planning, many businesses lack a formal ownership transition plan. Learn the fundamentals with these recent webinars.

Watch the ownership transition series now >

Our Take

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“Although construction demand is recovering, strong competition has reduced profit margins. Contractors need to take advantage of opportunities to reduce costs, maintain or grow the organization, and understand available tax minimization strategies.”

— Todd A. Carpenter Managing Partner – Real Estate and Construction