Clifton Gunderson LLP - A nationwide firm of Certified Public Accountants and Consultants

Fall 2010

Posted November 11, 2010

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In this issue:

Two proposed accounting changes could impact building and construction

While a recent survey by the American Institute of CPAs (AICPA) indicates that the accounting profession is in no hurry to embrace global accounting standards, the U.S. financial reporting system continues to inch in that direction. That means fundamental changes in the accounting and financial reporting of building and construction companies.

How to correct errors in your retirement benefit plan

When errors are found in a retirement benefit plan, the best course of action is to correct them as soon as possible. Not doing so jeopardizes the tax-favored status of the plan, and could lead to the plan being disqualified by the Department of Labor. Three options are available.

Small Business Jobs Act: What’s in it for construction companies?

If your “to do” list does not already include a meeting with your business tax advisor, you might want to give him or her a call. Some of the “limited time only” expansions and extensions of tax breaks in the Small Business Jobs Act require action before the end of 2010. The sooner you start planning, the better.