Accounting software predicts delays, cost overruns | Exec: Bond requirement for Iowa contractors would help combat fraud | Producer: Manufacturers need to increase customs bond amounts with new tariffs
October 17, 2018
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The past president of the Iowa County Attorneys Association says a surety bond requirement for contractors would help combat fraud, which is a common consumer complaint in the state. Currently, contractors have no bond requirement; they only have to register with the state's Workforce Development department.
In addition to increasing costs, tariffs also are causing some manufacturers to increase the amount of their customs bond, a surety bond producer writes. Manufacturers should work with a customs or insurance broker to assess their bond needs, she writes.
The Construction Industry Alliance for Suicide Prevention has become a public charity to provide and disseminate information and resources for suicide prevention and mental health promotion in construction and recently held its first strategic planning meeting. NASBP is an Alliance member and participated in the strategic planning session.
A company owned by a California congressman's in-laws has won more than $7.6 million in federal contracts based on questionable claims that his brother-in-law has Native American heritage. Though there is no evidence the congressman helped his brother-in-law get contracts, several of them were in his district.
CICPAC's "Revenue Recognition Implementation Guide -- Guidance for CPAs and Construction Companies" is important for the construction industry and for surety professionals, says the Executive Director of CICPAC. The process of understanding the new revenue recognition standard, or ASC 606, begins now, because the new standard will apply to jobs that are open December 31, 2018. "We must commit the time now to evaluate the contracts of each contractor, so sureties are prepared for changes in revenue recognition and financial statement presentation," she says. Read more.
Oct. 31 NASBP Virtual Seminar: Building a Strong Foundation on Tax Reform -- The Impact of Tax Cuts and Jobs Act on the Construction Industry
Join construction CPAs Jason Grosh and Mark Wilkerson of the CPA firm of BKD for this NASBP Virtual Seminar on October 31 from 2-3 p.m. Eastern when they will discuss the nuances of the Tax Cuts and Jobs Act and its effect on many construction firms. Understanding recent tax reforms and the impact on contractors is integral information for all surety professionals in the construction space. This critical topic presents an exciting opportunity for you to host this NASBP Virtual Seminar for your construction clients or to share the information on how they too can register to participate in this live or recorded seminar. Register.
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Officials in Florida are likely to relax regulations to allow out-of-state contractors to do work in the wake of the damage left by Hurricane Michael, but they also are likely to do more random checks of licensing and insurance to protect against scams. Contractors doing work in the state should make sure their trade licenses are up to date, this author writes.
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Founded in 1942, NASBP is the association of and resource for surety bond producers and allied professionals. NASBP producers specialize in providing surety bonds for construction contracts and other purposes to companies and individuals needing the assurance offered by surety bonds.
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