CICPAC, Construction Industry CPAs and Consultants, has recently published three white papers geared toward construction companies, one focusing on the new lease accounting standard and two focusing on tax guidance.

Leases: Focus Areas for Contractors provides insight to some key areas that contractors should be aware of when implementing the new FASB ASU 2016-02, Leases (ASC 842) standard. ASC 842 is set to replace the legacy rules under ASC Topic 840. Contractors should focus on the impact the lease standard will have on the company and how to apply the lease accounting standard to the company’s specific situations. The white paper also offers an ASC 842 Readiness checklist.

2021 Tax Planning Opportunities for the Construction Industry gives an updated summary of tax guidance that could impact construction companies during 2021 year-end tax planning and beyond.

2021 Coronavirus Legislation Tax Planning Opportunities takes a special look at The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) and its many tax provisions, as well as subsequent relief legislation passed. This document gives an overview of those changes potentially impacting contractors for 2021 and beyond.

CICPAC is a long-time, generous supporter of NASBP. Kathleen Baldwin and John Corcoran of CICPAC are active participants on the NASBP CPA Advisory Council.