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
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October 17, 2018
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Industry News
Accounting software predicts delays, cost overruns
Accounting software that provides a real-time snapshot of cash flow and can help predict delays and cost overruns is one form of artificial intelligence that's transforming the construction industry.
Engineering News-Record (10/10) 
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Exec: Bond requirement for Iowa contractors would help combat fraud
Exec: Bond requirement for Iowa contractors would help combat fraud
(Pixabay)
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.
The Des Moines Register (Iowa) (tiered subscription model) (10/16) 
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Producer: Manufacturers need to increase customs bond amounts with new tariffs
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 Business Journals (tiered subscription model)/Seattle (10/15) 
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Construction industry suicide-prevention group becomes public charity
Construction industry suicide-prevention group becomes public charity
(Pixabay)
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.
Contractor Magazine (10/15) 
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Risk & Compliance
Congressman's in-laws' disadvantaged minority status questioned
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.
Los Angeles Times (tiered subscription model) (10/14) 
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Association News
NASBP Blog: CICPAC's "Revenue Recognition Implementation Guide -- Guidance for CPAs and Construction Companies"
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.
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Oct. 31 NASBP Virtual Seminar: Building a Strong Foundation on Tax Reform -- The Impact of Tax Cuts and Jobs Act on the Construction Industry
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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Become a NASBP Virtual Seminar Annual Subscriber. Now, for a limited time, NASBP members, affiliates and associates can pay one discounted fee and automatically be registered for all 2019 NASBP Virtual Seminars through our Annual Subscription. As an added benefit, all maximum dues-cap members and affiliates can pay for one location at the full price, and each enrolled member location or branch location can become a 2019 Virtual Seminar Subordinate Subscriber for a low additional fee of $250 per location. There is no limit on how many additional locations may register as long as one location registers at the full $995 rate. If you are interested in registering more than 14 sites, contact prodev@nasbp.org for additional discounts. All registration categories entitle access to one login per registration/location as well as access to NASBP's expansive library of NASBP Virtual Seminar recordings available on demand. Ensure that you won't miss a single 2019 NASBP Virtual Seminar. Register before January 15 to take advantage of the 2019 NASBP Virtual Seminar Annual Subscription.
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Trends & Technology
Opinion: Fla. officials likely to check contractors' licensing, insurance coverage
Opinion: Fla. officials likely to check contractors' licensing, insurance coverage
(Scott Olson/Getty Images)
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.
Construction Dive (10/15) 
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Opinion Poll
Do you see a need for audit reform in the US?
Yes  51.85%
No  44.45%
Not sure  3.70%
Should Iowa require contractors to post a bond?   
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About NASBP
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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