Construction Executive published an article by New England Construction Leader Robert Mercado and Tax Manager Taryn Smith, about understanding the impacts of implementing Topic 606.
By Robert Mercado, Partner, Assurance Services & Taryn Smith, Manager, Tax & Business Services
Tax reporting does not necessarily align with financial reporting under the new rules. Understanding the ramifications of Topic 606 and the differences between the varying financial reporting and tax rules is imperative. Being well versed and prepared allows financial reporting and tax reporting to occur with minimal impact and fewer surprises.