St. Albans VT – January 18, 2022 – Kittell, Branagan, and Sargent (KBS) is pleased to announce that Andrew Bachand and Mark Mayer have been named Co-Managing Shareholders of the firm effective October 8, 2021. Andy and Mark succeed Gregory Sargent, a Founding Shareholder, who has been the Managing Shareholder since 2007. Greg will continue […]
When the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-02 (ASC 842) several years ago, the deadlines for private and public businesses seemed to be far into the future. FASB delayed the reporting requirements for private-sector companies because of COVID-19; however, that delay ended as of Dec. 15, 2021. All businesses must use financial statements conforming to the new lease accounting standard for any fiscal year beginning after Dec. 15, 2021. If you’re […]
The IRS recently released the 2022 mileage rates for businesses to use as guidance when reimbursing workers for applicable miles driven within the year. The rates tend to increase every year to account for rising fuel and vehicle and maintenance costs and insurance rate increases. Businesses can use the standard mileage rate to calculate the deductible costs of operating qualified automobiles for business, charitable, medical, or moving purposes. Keep reading for […]
One of the less-talked-about economic side effects of the COVID-19 pandemic is the number of experienced professionals retiring or shortening their retirement timeline. This opens up opportunities for the next generation to step into their shoes, but it also comes with some challenges. Not having a succession plan in place can create uncertainty and unnecessary struggles for your construction firm’s new owners or leadership team. Why […]
The general nature of the construction industry opens up opportunities for firms to fall victim to fraud. The Association of Certified Fraud Examiners (ACFE) reported the median fraud-related loss for construction firms at $200,000 for each incident between January 2018 and September 2019. In addition, 32% of survey respondents said they did not have internal controls in place, while 18% told the ACFE they regularly overrode existing internal controls. Establishing internal controls is essential to prevent fraud and catch fraud attempts before too much damage is done to the construction firm. Here’s why construction […]