On Friday October 19th, McKonly and Asbury, LLP with its partners McConkey Insurance and Benefits and Barley Snyder, held its Fall 2012 construction seminar at the Country Club of York. The morning started with a presentation by Greg Marco and Karen Mummert of McKonkey Insurance and Benefits titled "Reducing Contractor Financial Risk". Mr. Marco and Mrs. Mummert discussed trends within the current construction environment, top items contributing to subcontractor and contractor failures, pre-qualification methods, risk controls and internal risk management, bonding and surety availability and capacity. Mr. Marco and Mrs. Mummert also provided profile forms to be used by insurance entities to qulaify contractors and subcontractors for bonding and surety purposes.
Mike Hoffner, Partner, and Jason Skrinak, Principal, with Mckonly and Asbury, LLP provided the attendees with a "Construction Accounting and State Tax Update". Mr. Hoffner discussed the current accounting updates regarding potential changes in revenue recognition, lease accounting and private company financial reporting. Mr. Skirnak discussed Pennsylvania tax related matters impacting construction entities. Mr. Skrinak covered potential changes in corporate net income tax, research and development tax credits, enforcement changes and other legislation with impacts on the construction community.
David Blain, Principal, with McKonly and Asbury, provided the attendees with a presentation on "LEAN for Construction Management". Mr. Blain's presentation covered key concepts of LEAN, from defining the LEAN environment to outlining value added and non value added activities and the "Eight Deadly Waste". Mr. Blain then discussed key concepts of LEAN that would directly impact contractors and those serving the construction community. Some of those concepts centered around set-up reductions, quality at the source, pull systems and cell creation.
John Sylvanus, Attorney with Barley Snyder, provided a legal discussion on construction risk management. Mr. Sylvanus discussed a number of topics regarding risk management ranging from bidding and proposal preparation, contracting, pre-construction and construction documentation. Mr. Sylvanus main message was make sure all discussions, descisions and communications are doucmented and in writing.
The final presentation of the day was led by Dan Matarrese, Tax Manager with McKonly and Asbury, LLP. Dan led a very informative session on upcoming "Federal Tax Matters" that will impact the business community in 2013. Mr. Matarrese discussed provisions of the tax code related to the Bush era tax cuts that are to sunset at the end of 2012 and the impact to business and cashflow. A number of those changes impact personal taxes but many of them also impact business such as changes to section 179 expense, bonus depreciation and research and development tax credits. Dan completed his presentation with a discussion regarding "Generational Planning Matters". During this discussion, Mr. Matarrese outlined the importance of asset protection, entity structuring and asset transfer methods.
To learn more about the McKonly and Asbury, LLP Fall Construction Seminar or to obtain further information on the seminar, please contact the construction professionals of McKonly and Asbury, LLP. To view a copy of the presentation, please visit the Events Page of the Contractors Center Point website at www.contractorscenterpoint.com.