Pennsylvania Tax Officials State that Teleworkers Will Not Create Nexus for State Taxes
Stay-at-home orders in effect across the country have forced a large portion of the American work force to work from home. Businesses transitioning their ...
I was just there for the massage. I had no knowledge of any hush payments. It’s all about respect in the locker room. The adoption of ASC Topic 606, “Revenue from Contracts with Customers” won’t have an impact on us. These are all denials we’ve heard lately. I’m not saying I believe any of them, but maybe for the construction industry, I can at least address whether one of those denials is an alternative fact or fake news.
For nonpublic companies, ASC Topic 606 is effective for years beginning after December 15, 2018, which means if you are a calendar-year-end company, it would be effective January 1, 2019. Are you ready or still in denial that it won’t impact your company? Maybe answering a few of these questions will give you a sense of which end, fact or fiction, you are closest to.
Did you answer yes to any of the items listed above? If so, the adoption of ASC 606 will likely impact your company. If you answered no to all of them, you’re probably not in the construction industry. The last question and most important: Are you ready for the adoption of ASC 606? While the questions above address some of the more common factors that impact the construction industry, the actual guidance and subsequent amendments are thousands of pages and cover a multitude of other topics.
Seems overwhelming to get your arms around? Whether you’re already starting on your implementation plan, or still trying to figure out the meaning of “distinct” and “constraint,” or somewhere in between, Schneider Downs’ advisory services can help. Not fake news, not alternative facts. We have the experts who know the construction industry and are ready to get you to the ASC 606 adoption finish line.
This article was updated on May 7, 2020. Updates to this article will be made as new information becomes available. Since late March, the U.S. Small Business ...
One PPG Place, Suite 1700
Pittsburgh, PA 15222
65 East State Street, Suite 2000
Columbus, OH 43215
1660 International Drive, Suite 600
McLean, VA 22102