Costs in excess of billings is a contract asset and billings in excess is a contract liability, netted per contract. Under ASC 606 conditional retainage now sits inside that position rather than in receivables.
Section 460 requires percentage of completion measured strictly cost-to-cost. The gross receipts threshold is $32 million for 2026, and the 2025 law change reopened the completed contract method for multifamily builders.
The amount certified on an AIA G702 is not revenue. How the schedule of values, the continuation sheet and retainage flow into the contract asset or contract liability on a contractor balance sheet.
AIA G702 & G703: What the Pay Application Does to Your Books Read More »
The customer signs Form ST-124, the contractor keeps it, and you have 90 days to get it. A line-by-line walkthrough of the New York Certificate of Capital Improvement.
How to Fill Out Form ST-124: Who Signs It, the 90-Day Rule, and What It Protects Read More »
New York contractors cannot use Form ST-120 to buy job materials. Here is what Form ST-120.1 actually covers, why ST-119.1 belongs to your customer, and what the difference does to job cost.
How to actually measure law firm profitability: realization, effective rate, fully loaded timekeeper cost, and matter-level profit, worked through with real numbers.
Law Firm Profitability: How to Measure It and Where the Profit Leaks Read More »
New Jersey certified payroll requirements for public works contractors: Form MW-562, the NJ Wage Hub dual-filing rule, the 2,000-hour fringe divisor, registration, and 2026 criminal penalties.
New Jersey Certified Payroll: MW-562, Wage Hub & Fringe Rules Read More »
What the supplemental benefit rate per hour means on NY prevailing wage jobs, and how the 12 NYCRR 220.2(d) annualization rule slashes benefit credits — with a worked example.
Equal share, eat-what-you-kill, base plus wRVU, and hybrid physician compensation models – with a worked three-physician example, overhead allocation methods, and the Stark/tax guardrails.
Physician Compensation Models: wRVUs, Overhead Allocation, and the Accounting Underneath Read More »
When client funds belong in an IOLA account versus a separate interest-bearing escrow under NY Rule 1.15 and Judiciary Law 497 – with a worked decision, the ledger discipline, and the mistakes that trigger discipline.
IOLA vs. Separate Escrow: Where New York Attorneys Must Hold Client Funds Read More »