"The construction industry can be complex, navigating through the accounting and tax rules is an ongoing challenge. We are proud of the depth of specialization and level of service we have achieved and continue to offer our clients."
~ Colin Gorman, firm Managing Partner
EGP, PLLC was recently named as the exclusive Arkansas member firm of the Construction Industry CPAs & Consultants (CICPAC). Along with demonstrating technical proficiency in construction, exclusive member firms must maintain a solid reputation for providing the highest-quality work and integrity.
We serve clients both big and small and are proud of the working relationships we've formed over the years through ABC of Arkansas, AGC, and the CFMA.
In response to the COVID‐19 pandemic, The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020 which included the Paycheck Protection Program (PPP) loans. In this whitepaper, the CICPAC Thought Leadership Committee provides an overview of the four options that can be used to account for the PPP Loans. The committee has also provided several examples of financial statement presentation, disclosures to be included in the financial statements, and sample wording to be included in the management representation letter. The final section of the whitepaper provides some additional things to consider when accounting for the PPP loans.
The construction industry, by its very nature, depends on mobility and getting to where the projects are located, whether that is across a city or region, state, or country. Costs related to mobility are unique and there are various methods of covering or reimbursing your workforce for those costs. The methods you use and your compliance with the related regulations can impact the ultimate cost to your organization as well as your employees and the difference can be significant.
The intent of this guidance is to present information you need to analyze which methods provide the best result for your organization as well as some helpful tools to assist with compliance.
Many thanks to the committee members and CICPAC staff listed below for their hard work and efforts in compiling this information for CICPAC members and their construction clients.
EGP was awarded Industry Professional of the Year at the Associated Builders and Contractors (ABC) Excellence in Construction awards event in Hot Springs, Arkansas on April 7th. The firm is proud of its history and construction specialization as the only certified construction accounting firm in the state and was able to share the stage and spotlight with a few hundred of Arkansas's best contractors.
"We have a long history of supporting the Arkansas Builders and Contractors Association", stated Managing Partner and Past ABC Board Chairman, Colin Gorman, "but note that the award is given to the entire firm and is a reflection of everyone's effort in supporting and serving our construction clients and the industry. We couldn't do much without the humans inside of EGP first and foremost."