Posts by Katie Renelt
Implementing the new lease accounting standards for private construction firms
During the uncertainty of the pandemic in 2020, the Financial Accounting Standards Board (FASB) granted a temporary reprieve for private companies, delaying their deadline for implementing new lease accounting practices. If your construction firm is privately held and hasn’t yet adjusted how you report leases on your financial reporting documents, keep reading for more information…
Read MoreHow better job costing is the key to unlocking greater profitability for your construction firm
Job costing is the backbone of any construction project’s profitability, and how well you manage this process can make or break the bank on a project. However, construction companies often struggle to properly job cost and manage this area due to the unique nature of the industry. Material, work, and labor can all combine to…
Read MorePayroll fraud challenges in a remote work environment
Remote work has been a hot topic for the past several years. Since workplaces were strongly encouraged to allow non-essential employees to work from home in 2020, remote work has become an even bigger discussion. As regulations allow companies to bring employees back into the office, many are asking if remote work is a viable…
Read MoreUnderstanding business meal and entertainment deduction rules
The last few years have afforded quite a few changes in how the IRS allows businesses to handle meal and entertainment costs in relation to their taxes. The 2018 Tax Cuts and Jobs Act (TCJA) eliminated deductions for most business-related entertainment expenses. Since the pandemic, the IRS has temporarily changed the tax-deductible amount allowed for…
Read MoreTax facts to know about vacation rentals
Buying property and selling after it’s appreciated is a wealth-building strategy that has been around for centuries. It’s even better if that property can make you money, say through rental income. If you’ve been considering allowing short-term vacation rental contracts for your properties, or if you’re already allowing them, keep reading. The following article will…
Read MorePAUL DAVISON NAMED PARTNER
Fresno, California – July 1, 2021 — Malcolm Dedekian, Managing Partner of Dedekian, George, Small & Markarian Accountancy Corporation, is pleased to announce the promotion to partner of Paul Davison effective July 1, 2021. Mr. Dedekian noted the significant contributions Paul has made as a staff accountant, senior accountant, supervisor, and manager at the firm. Paul has worked for the firm for more than 14 years; his election to partnership reflects his dedication to providing the tradition of service, technical…
Read MoreImplementing the new lease accounting standards for private construction firms
During the uncertainty of the pandemic in 2020, the Financial Accounting Standards Board (FASB) granted a temporary reprieve for private companies, delaying their deadline for implementing new lease accounting practices. If your construction firm is privately held and hasn’t yet adjusted how you report leases on your financial reporting documents, keep reading for more information…
Read MoreMinimize the cash flow stress for your construction business
Have you ever started a project, only to realize that you’re short cash to pay for the supplies until your last project pays out? Or, you’re having to move funds from your personal account to cover payroll until the contract money comes in? Effectively managing cash flow is an important part of any business –…
Read MoreTax implications for cryptocurrency owners
Cryptocurrency, a type of virtual currency that utilizes cryptography to validate and secure transactions digitally recorded on a distributed ledger, such as a blockchain, has been on the rise over the past several years. ‘ Approximately 14 percent of Americans own at least one share of virtual currency. Therefore, it’s essential to understand the tax implications associated with receiving, buying, and selling these currencies, mainly because the IRS is starting…
Read MoreRevenue, cash flow, and how they affect your business
As a business owner, increasing sales can be a great mood lifter. But what happens if you get a large order and have no way to pay for the supplies? Sales don’t always equal immediate cash in hand, which can put a strain on your business accounts and your ability to deliver on time. Below,…
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