2018 Ohio Valley Construction Market Outlook Forum featuring Gregg Shoppman

The results are in from the 2018 Ohio Valley Construction Market Outlook Survey. For the third consecutive year, Harding, Shymanski & Company, P.S.C. surveyed construction industry executives in the Ohio Valley Region in order to capture industry benchmarks, identify best practices and discover emerging trends.  
     
In addition to sharing survey results, this year's forum will feature Gregg Shoppman, Principal and Florida Consulting Manager at FMI. Greg will discuss Talent Development and Mega Trends, including:
  • What issues should be on your radar to plan for the future. All things considered, leaders need to strategize now - internally and externally - to craft a plan for the next big thing.
  • Developing your talent pipeline strategy.
  • Mid-management development planning.
  • Training talent in the future to cultivate the right managers and potential future business owners.
Choose a location and register today!  
   
Louisville, KY 
Evansville, IN 
Wednesday, July 11, 2018  Thursday, July 12, 2018 
Registration 3:15 - 3:30 p.m. EDT  Registration & light breakfast 7:30 - 8:00 a.m. CDT 
Forum 3:30 p.m. - 5:30 p.m. EDT  Forum 8:00 a.m. - 10:00 a.m. CDT 
Reception 5:30 p.m. - 6:30 p.m. EDT  
3810 Stringtown Road  
545 South Third Street Evansville, IN 47711
Louisville, KY 40202   
   
 
Anyone who completed the survey will receive a bound copy of the full report.   
Revenue Recognition: 5 Conditions for Implementation
 
Financial Accounting Standards Board (FASB) has issued the new standard for Revenue from Contracts with Customers that forces year-end private companies to adopt the new revenue recognition standard as of January 1, 2019 and to report their December 31, 2019 annual financial statements in compliance with the new standard. Adoption and implementation of the revenue recognition standard will require a strategic plan. When considering your organization's implementation plan, there are several key factors to consider in your approach.

A few key considerations are the company-wide impacts of adoption include: the timing of the implementation period being less than one year away, the evaluation of your company's adoption method (full retrospective or modified retrospective), the application of the five-step model to recognizing revenues, and that the revenue recognition standard is only the beginning of new accounting changes affecting your company.
To learn more about how this standard could affect your business, ready the full article here.
Changing the Perception of Construction Careers
 
The construction industry faces many challenges, and providing a stable workforce for the industry's future stands as one of the most pressing. Laura Cataldo's article, Changing the Perception of Construction Careers details the difficulties employers face in this area and provides proactive steps they can take to attract their future labor force.

Per the article, only 3% of young adults (aged 18-25) say that they are actively interested in construction careers, and more than 40% of those who are undecided on their career choice wouldn't even consider the construction industry, regardless of the compensation offered. Cataldo concludes that a shift in perception is needed to bring the next generation of workers into the fold. This starts with educating those who are teaching the workers of tomorrow and helping to shift away from the college-for-all mentality. The article notes that many schools are already shifting to a career preparation philosophy and that construction employers should jump in to support this change. Providing students with opportunities such as jobsite tours, pre-apprenticeship and youth apprenticeship opportunities is a great way to open their eyes to the possibilities offered by a career in construction. Classroom visits can also have a positive impact and can give employers the chance to make their case straight to the students.

As Cataldo describes, the battle for the labor force of tomorrow has already begun, and construction employers have many tools at their disposal to attract their future workforce. For the full article, click here
New Kentucky Tax Law Brings Significant Changes

A new Kentucky tax law is bringing significant changes to both business and individual taxpayers. In late April, House Bill 487 was sent to Governor Matt Bevin's desk by the Kentucky Legislature and became law without his signature. The new law affects corporate and individual income tax, sales and use tax, property tax, as well as other miscellaneous taxes and administrative items.
 
Key provisions of the new law include the following:
  • Individual Income Tax
  • Corporate Income Tax
  • Property Tax
  • Sales and Use Tax
  • Other Items
To read the full article, click here.    
UPCOMING EVENTS
 
 
Employee Benefits Update Seminar   
 
 
Join Harding, Shymanski & Company, P.S.C. and Bingham Greenebaum Doll LLP for a comprehensive look at critical updates, new guidance, and regulatory information.
   
 
2018 ESOP Roundtable Schedule
 
 
We are proud to host ESOP Roundtable events for ESOP companies and those companies who are exploring the ESOP opportunity. As you might expect, the ESOP Roundtable agenda is member-driven and provides a place to share experiences, questions, best practices, lessons learned and successes.   
 
2018 Summer Office Hours
 
Harding, Shymanski & Company, P.S.C. Offices will close at Noon local time
on Fridays through the Labor Day holiday.
   
ABOUT OUR CONSTRUCTION, REAL ESTATE AND MINERALS INDUSTRY TEAM 

Because Harding, Shymanski & Company, P.S.C. is committed to providing quality service to our construction, real estate, and mineral industry clients, we have selected a team of dedicated professionals to serve as your industry's consultants. These individuals understand the language and key issues unique to your industry and possess the drive and determination to help you manage your company on a proactive basis.
SEE WHAT OUR CLIENTS ARE SAYING...

We continue to partner with HSC because of their great construction accounting and tax knowledge. Their sound advice is not only accurate, but it is very proactive. HSC staff are top notch and professional in every way.
 
Don Seibert, President
Southwind Construction Corporation  

Disclaimer:
The information contained in this email is for general guidance on matters of interest only. The publication does not, and is not intended to provide legal, tax or accounting advice.
Harding, Shymanski & Company, P.S.C.
800.880.7800  |  info@hsccpa.com  |  www.hsccpa.com 
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