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Volume 6 | Issue 2 | 2012 construction & real estate industry advisor The Financial Side of the Construction & Real Estate Industries IN THIS ISSUE 1 Clock Ticks for Contractors on New Multiemployer Plan Disclosure Rules 2 Creative Financing Alternatives for Real Estate Acquisition 3 Depreciation Incentives for Equipment Purchases 4 Fair Value Accounting Ahead for Real Estate Entities? 5 Revenue Recognition: An Update on the Proposed Standard 6 Leveraging Cloud Computing in Real Estate Katz, Sapper & Miller, LLP 11 KSM Construction and Real Estate News Certified Public Accountants construction & real estate industry advisor Clock Ticks for Contractors on New Multiemployer Plan Disclosure Rules With the number of new disclosure • Forms 5500 requirements, retrospective application, • Summary Plan Descriptions and the broad array of potential source documents, the time is now to prepare Disclosure Requirement for the Financial Accounting Standards • The total contributions that the Board’s (FASB) Accounting Standards employer has made to the plan Update (ASU) 2011-09, Compensation- and an indication of whether the Retirement Benefits-Multiemployer Plans. employer’s contributions represent more than five percent of the total These new rules do not change the contributions to the plan by all current requirements to record an contributing employers. By Ron Lenz, CPA Partner obligation when withdrawal from a firstname.lastname@example.org multiemployer plan is probable, nor Potential Source Documents to disclose the amounts if withdrawal • Contributions made by the employer is reasonably possible. Further, most to the plan will be provided from the contractors are aware of the so-called employer’s records. “contractors exemption,” whereby if a • Form 5500, Schedule R contractor agrees to maintain its status as • Section 104(d) Notice (provided to a union employer, the contractor will not contributing employers within 30 be required to pay any unfunded pension days after filing Form 5500) amounts. Instead, the objective of this update is to enhance the transparency Disclosure Requirement of disclosures about the significant • An indication of the funded status of multiemployer plans in which an employer the plan as indicated by the plan’s Matt Bishop, CPA participates, the level of the employer’s certified “Zone Status.” If a certified Manager participation in those plans, the financial “Zone Status” is not available for the email@example.com health of the plans, and the nature of the plan, then there must be a disclosure employer’s commitments to the plans. as to whether the plan is less than 65 percent funded, between 65 Below is a summary of the disclosure percent to 80 percent funded, or requirements for each material plan, and more than 80 percent funded. potential sources for that information: Potential Source Documents Disclosure Requirement • Annual Funding Notice (usually • The plan name and identifying provided to contributing employers numbers (EIN and plan number) for within 120 days after the plan year- all significant multiemployer plans in end) which an employer participates. Potential Source Documents Continued on page 10. • Collective Bargaining Agreements See “New Disclosure.” 1 Volume 6 | Issue 2 | 2012 THE FINANCIAL SIDE OF THE CONSTRUCTION & REAL ESTATE INDUSTRIES Creative Financing Alternatives for Real Estate Acquisition Today’s real estate environment offers a uses to pay down debt or to fund other surplus of inventory and many potential working capital requirements. After the buying opportunities. However, it also sale transaction is complete, the buyer offers strict lending requirements that and seller enter into a long-term lease make it difficult to finance many of the contract (generally 20 to 30 years) that properties. Whether you are the buyer or allows the seller to continue occupying the seller, the following strategies may the building and using the facility as provide the ideal option you need to close if nothing happened. The seller also a challenging deal. benefits from this transaction because the sale frees capital that can be used to Installment Sale grow the business. In exchange for the By Andie Friedman, CPA In a seller-financed transaction, otherwise seller’s ability to occupy the property, the Partner firstname.lastname@example.org known as an installment sale, the seller buyer receives monthly rental income. will step in and assume the role of a Furthermore, the buyer does not have Contributing author: conventional bank. This type of situation to encounter the difficulties of finding a Roy Marschke, CPA works the best when there is little to no tenant because the seller continues to debt on the property and the seller is occupy the building from day one. willing to take on repayment risk, a risk for which he will be compensated in the form Purchasing with Funds from IRA of interest income. The terms, such as Investing in real estate using funds in amortization period and interest rate, can an IRA can be a great way to save for all be negotiated between the buyer and retirement; however, such a strategy poses the seller. An installment sale is beneficial many pitfalls that can lead to unexpected for buyers because it provides financing tax consequences. Certain self-directed when other conventional loan options IRAs allow for investment in almost have failed. From the sellers’ perspective, anything – from business investments this can be a good option if they do not to real estate. This type of IRA gives need cash at closing and can settle for a people more flexibility than the traditional steady stream of payments. brokerage IRA. As there are many restrictions on an IRA, tax professionals Sale Leaseback should always be consulted regarding A sale leaseback can be utilized proper tax treatment for a particular when an existing business owns IRA. The following are some of the more a building and is looking for a common issues: way to raise capital or remove mortgage debt from its balance • Debt Financing and Unrelated sheet. In a typical sale leaseback Business Income Tax transaction, the building owner When an IRA invests in real estate sells the building to a real estate investor and receives cash up Continued on page 10. front, which the seller typically See “Creative Alternatives.” Katz, Sapper & Miller 2 construction & real estate industry advisor Depreciation Incentives for Equipment Purchases Under the current law, companies may expense up to $139,000 in the total cost of new and used tangible property purchased and placed in service in 2012 (Code Section 179). Companies also have the option to expense 50 percent of the cost of qualified new assets in 2012 (Code Section 168(k)), which is great news for construction companies looking to purchase new equipment. But be warned: These incentives are expected to change in 2013. Under Code Section 179, property defined as “new and used tangible property” is depreciable and acquired for use in the active conduct of a trade or business. Most buildings and their structural components do not qualify for this expensing allowance. Two dollar limitations are related to the expensing allowance: By JolaineL. Hill, CPA 1. A dollar-for-dollar reduction in the amount allowed to be expensed once a threshold Director amount of additions is reached email@example.com 2. A net income limitation that keeps a company from taking an allowance greater than its taxable income The allowance is an election that can be made on an originally filed return or on an amended return. This election can currently be revoked by filing an amended return. The maximum expensing allowance and the investment limitation from 2010 through 2013 are as follows: Year Maximum Expensing Allowance Investment Limitation 2010 and 2011 $500,000 $2,000,000 2012 $139,000 $560,000 2013 $25,000 $200,000 Bonus depreciation is an additional first-year depreciation option that allows for an acceleration of depreciation from future years into the year the asset is purchased and placed in service. Unlike the expensing allowance, only new assets qualify for bonus depreciation. In other words, the original use is with the company that acquires the asset. Bonus depreciation is required to be taken unless an election is made, with the return, to not take bonus depreciation. The election not to take bonus depreciation is made on an asset-class-by-asset-class basis (for example, five-year assets and seven-year assets instead of on an asset-by-asset basis). Once made, the election not to take bonus depreciation is irrevocable. Continued on page 9. See “Depreciation Incentives.” 3 Volume 6 | Issue 2 | 2012 THE FINANCIAL SIDE OF THE CONSTRUCTION & REAL ESTATE INDUSTRIES Fair Value Accounting Ahead for Real Estate Entities? Traditionally, accounting for certain to apply to real estate entities that are items in the financial statements of real recorded at fair value. The Proposed ASU estate companies at fair value has been will bring U.S. GAAP more in line with limited to only a few circumstances. The IFRS. typical items accounted for at fair value are cash flow derivatives, assets held for What Types of Real Estate Entities Are sale, or recording impairment in the fair Investment Property Entities (IPE)? value of real estate. The use of fair value In order to be considered an investment accounting could become much more property entity, the entity must meet all of prevalent under a Proposed Accounting the following criteria: Standards Update (ASU) – Real Estate By Matt Alber, CPA – Investment Property Entities (Topic • Substantially all of the entity’s Director firstname.lastname@example.org 973)issued by the Financial Accounting business activities are investing in a Standards Board (FASB). real estate property or properties. • The express purpose of the entity is Why? to invest in a real estate property or The Proposed ASU is being issued for properties for total return, including two reasons. First, some real estate an objective to realize capital entities currently measure their real estate appreciation, except for: 1) properties investments at fair value; however, there owned for the entity’s own use in is diversity in practice as it relates to real the production or supply of goods estate entities. Some real estate entities or services or for administrative believe they are investment companies purposes; or 2) property held to be under U.S. generally accepted accounting developed for sale in the ordinary principles (U.S. GAAP), which requires course of business upon completion. reporting of investments at fair value. • Ownership of the entity is Others report at fair value in order to represented by units of investment, comply with the requirements of its in the form of equity or partnership pension plan investors. There have also interests, to which a portion of the been developments in industry accounting net assets are attributed. practices that some individuals believe • The funds of the entity’s investors allows them to measure real estate are pooled to avail the investors investment entities at fair value. of professional investment management. The entity has Second, International Financial Reporting investors that are not related to Standards (IFRS) provides real estate the parent, and those investors, entities with an option to measure real in aggregate, hold a significant estate properties acquired for investment ownership interest in the entity. purposes at fair value or cost. IFRS has also elected not to require application of Continued on page 8. certain accounting standards on leases See “Fair Value.” Katz, Sapper & Miller 4 construction & real estate industry advisor Revenue Recognition: An Update on the Proposed Standard The Financial Accounting Standards Board performance obligations and the (FASB) and International Accounting measurement of progress toward Standards Board (IASB) have been satisfying the performance obligations. working the past several years to converge and standardize existing revenue A performance obligation is defined as recognition accounting guidance. This a promise (whether explicit, implicit or joint project began in December 2008 implied) in a contract with a customer to when both boards published a discussion transfer a good or service to the customer. paper on revenue recognition related to The transaction price is allocated among contracts with customers. In June 2010, the various identified performance the boards issued exposure drafts that obligations, and revenue is recognized as By Chris Felger, CPA Director proposed significant changes to the progress is made toward satisfying the email@example.com current revenue recognition methods, performance obligations. Satisfaction of including those used by construction a performance obligation is defined as companies. The FASB’s proposed standard transferring control of the promised good would replace the current construction or service to the customer that can occur accounting revenue recognition guidance, at one time or over a period of time. which has been in effect for approximately Two areas of the proposed guidance from 30 years. A revised exposure draft was the first exposure draft, detailed further then issued in November 2011, and many below, concerned constituents because constituents breathed a sigh of relief it appeared that contractors would have based on several changes and additional to make assumptions that were more clarification provided in response subjective than those required by current to comment letters received from revenue recognition guidance for the stakeholders. industry. Two significant areas of change are 1. The initial exposure draft indicated that identification and aggregation of individual performance obligations within each customer contract would have to be identified and that contractors would be required to recognize revenue as these obligations are satisfied. Furthermore, the guidance indicated that the transaction price should be allocated to all separate performance obligations on a standalone selling price basis if it is a distinct good or service. The initial exposure draft included requirements for determining if a good Continued on page 8. See “Revenue Recognition.” 5 Volume 6 | Issue 2 | 2012 THE FINANCIAL SIDE OF THE CONSTRUCTION & REAL ESTATE INDUSTRIES Leveraging Cloud Computing in Real Estate Just what is cloud computing, why is Platform-as-a-Service (PaaS) is defined there such buzz around it, and how can it as a set of software and product be used by construction and real estate development tools hosted on the professionals? Cloud computing is a provider’s infrastructure. Developers conceptual term used to describe the create applications on the provider’s act of providing information technology platform over the Internet. PaaS providers (IT) solutions to organizations through may use APIs, website portals or gateway the Internet. Cloud computing allows software installed on the customer’s organizations to implement IT solutions computer. Force.com (an outgrowth of without having to purchase hardware salesforce.com) and Microsoft Azure are and software and then hiring IT staff to two examples of PaaS as are open source By Charlie Brandt maintain it. PaaS projects, such as Cloud Foundry and Managing Director KSM Consulting OpenStack. The term “cloud” is used as a metaphor firstname.lastname@example.org for the Internet, and it is represented Software-as-a-Service (SaaS) is the by the cloud drawing in computer software application that interacts with network diagrams as an abstraction of the user through their Web browser in the underlying technology infrastructure. a portal or website-type format. SaaS Another way to think about it might be is a very broad market. Services can an externally sourced (and theoretically be anything from Web-based e-mail limitless) seamless extension of an internal to financial, operational, marketing IT systems infrastructure that delivers communications, customer relationship capabilities and solutions on a “pay as go” management, document management/ fee-for-use basis. collaboration and reporting/analytics business applications. Because the service Search.com provides this definition: provider hosts both the application and “Cloud computing is a general term for the data, the end user is empowered to anything that involves delivering hosted use the service from anywhere through a services over the Internet. These services Web browser. are broadly divided into three categories: Infrastructure-as-a-Service, Platform-as-a- How Can Cloud Computing Be Used in Service and Software-as-a-Service.” the Real Estate Industry? Real estate is a very relationship-driven Infrastructure-as-a-Service (IaaS), like industry and therefore places a lot of Amazon Web Services, provides virtual emphasis on marketing, sales and service server instances with unique IP addresses as well information collection, sharing and and blocks of storage on demand. collaboration. Customers use the provider’s application program interface to start, stop, access and configure their virtual servers and Continued on page 7. storage. See “Cloud Computing.” Katz, Sapper & Miller 6 construction & real estate industry advisor aspects of business. They also provide Cloud Computing (continued from page 6) management with insight around the overall effectiveness of marketing efforts Several SaaS cloud application spaces and help ensure timely follow up and align well with these needs, including communication consistency. customer relationship management (CRM) and lead/marketing management What Is Available Now? A wide range of cloud applications solutions. that are relevant to real estate are CRM cloud applications are focused available, and they tend to fall within two categories: on providing a means to access and capture information about prospective and current customers as well as the 1. General applications that can be interactions between the business and customized to fit real estate. the customer. These applications support 2. Industry-specific solutions that a mobile sales force that needs to be typically combine a full range of able to access and record prospect and “end-to-end” capabilities across client information quickly and easily marketing, sales and service into one without having to contact the main office. solution. Coupled with the need for the main office Examples of general applications in to have insight around the actions and progress of its distributed workforce, an the CRM space include salesforce.com, ideal environment for a cloud computing Microsoft Dynamics CRM Online, and solution is created. Zoho CRM. There are also lead-oriented applications, such as Exact Target, Lead/marketing management cloud Leads360 and Lead Master. applications are focused on capturing, segmenting and distributing leads to Examples of applications specific to the sales people as well as tracking the real estate industry include Real Estate effectiveness of marketing campaigns Cloud and Rethink, both of which are cloud-based and provide a full suite of and automating certain customer communications through channels, such functionality within one overall cloud as e-mail. These applications support solution. both marketing and help sales and facilitate the integration of these two The trend in real estate has traditionally been industry-specific solutions, which is likely because having one solution that provides end-to-end abilities can be more compelling than adopting general applications and investing additional dollars to have them customized. For real estate professionals, cloud computing is not just a buzz phrase. There are viable solutions that may benefit your organization today, and there will be new solutions that can provide more collaboration tomorrow. 7 Volume 6 | Issue 2 | 2012 THE FINANCIAL SIDE OF THE CONSTRUCTION & REAL ESTATE INDUSTRIES Revenue Recognition second exposure draft, along with a (continued from page 5) tentative decision from a July 2012 FASB meeting, improved the definition and concept of distinct goods and services or service was distinct and constituents were concerned that these were too broad used when determining to what extent and would require numerous performance performance obligations should be separated or bundled. The changes are obligations to be created for each construction contract. expected to reduce the requirement to separate performance obligations in comparison to those as required under 2. The initial exposure draft also discussed methods for measurement of progress the first exposure draft. Also, the second toward satisfying performance obligations. exposure draft significantly reduced the financial statement footnote disclosures The guidance indicated output methods that recognize revenue on the basis of for privately held companies, which was units produced or delivered, contract welcomed by many constituents. milestones, or surveys of goods or The changes in the second exposure services transferred to date relative to the draft and those as expressed by the total goods or services to be transferred, boards – while they continue to meet often result in the most faithful depiction and deliberate the standards – have been of the transfer of goods or services. well received; however, the standard has not been finalized. There are still various Alternatively, input methods based on aspects of the proposed guidance being efforts expended to date (for example, evaluated by the FASB and IASB. The cost of resources consumed, direct labor boards are expected to issue a final hours expended) relative to total efforts revenue recognition standard in late 2012 or early 2013, with an effective date no to be expended could be used as methods for revenue recognition, but the input earlier than Jan. 1, 2015. The standard methods have a significant drawback. would be effective at least one year later for privately held companies. The FASB noted the drawback was that there may not be a direct relationship between the efforts expended and the Fair Value (continued from page 4) transfer of goods and services because of deficiencies in the entity’s performance or other factors. Constituents were • The entity provides financial results about its investing activities to its concerned that the percentage of completion cost-to-cost input method investors. The entity can be, but does used by many contractors would have to not need to be, a legal entity. be discarded in exchange for an output method as a result of this proposed What Changes Does the Standard Make? standard. The Proposed ASU makes changes to the accounting for real estate properties, The second exposure draft issued in controlling financial interests and equity November 2011 included guidance method investments. Under the proposal, indicating that the input methods investment properties acquired by an IPE would continue to be considered as are initially recorded at the transaction acceptable revenue recognition methods as opposed to an expressed preference Continued on page 9. to the output methods. In addition, the See “Fair Value.” Katz, Sapper & Miller 8 construction & real estate industry advisor Fair Value Depreciation Incentives (continued from page 8) (continued from page 3) price, including transaction costs, and The percentage allowed for bonus depreciation from 2010 through 2013 is as follows: subsequently remeasured at fair value with all changes in fair value recognized in net income. Non-investment properties would Year Percentage Allowed for Bonus Depreciation be measured in accordance with existing Sept. 8, 2010, through Dec. 31, 2011 100 standards. The proposal also calls for IPEs to account for entities in which the IPE 2012 50 maintains a controlling financial interest 2013 0 in another IPE, an investment company as defined in Topic 946, or an operating entity that provides services to the IPE In the case where a company is eligible for both the expensing allowance and bonus under the existing consolidation rules. depreciation, there are specific ordering rules to follow. The expensing allowance is taken first and reduces the cost basis by the amount of the deduction taken. If there is remaining All other controlling financial interests cost basis on the asset, the 50 percent bonus is taken, and that amount of bonus will be measured at fair value. If the IPE depreciation will further reduce the basis of the asset. Finally, if there is any cost basis has a non-controlling ownership interest remaining, regular depreciation is taken on the remaining basis. in an operating company that provides The following example demonstrates how the ordering rules work. services to the IPE, in which the IPE can exercise significant influence, that investment should continue to follow • A company purchases an asset for $500,000 in 2012. The company elects to take the existing guidance and be recorded using $139,000 expensing allowance on this asset. The remaining cost basis is $361,000 the equity method of accounting. All ($500,000 - $139,000). Next, the company takes bonus depreciation equal to other investments that would otherwise $180,500 ($361,000 x 50 percent). The remaining basis is $180,500 ($361,000 - be accounted for using the equity method $180,500). Regular depreciation can be taken on the remaining amount of cost basis. of accounting will now be recorded at Assuming the asset has a five-year life, the depreciation would be $36,100 ($180,500 fair value with changes in fair value being x 20 percent). When the expensing allowance and depreciation are added together, recorded in net income. All investments in the company has a first-year write-off of $355,600. which the IPE does not have a controlling financial interest or cannot exercise As the previous tables have shown, the expensing allowance and bonus depreciation significant influence would be measured in are scheduled to decrease significantly in 2013 if there is no action taken by Congress. Although there have been several bills introduced in the House of Representatives and accordance with other relevant U.S. GAAP. the Senate that would extend the expanded expensing allowance and bonus depreciation, When? there are no guarantees that any of these bills will pass. The Proposed ASU has been through its comment period and is now being What does all this uncertainty mean? If someone is thinking about making equipment reviewed by the FASB. It is anticipated purchases in the next several years, he or she may want to consider accelerating some of that final guidance will be issued in the those purchases into 2012 to take advantage of the higher expensing allowance and bonus depreciation. fourth quarter of 2012 in connection with guidance being issued with other FASB projects, including Leases and Investment To discuss planning opportunities for your company related to depreciation incentives, contact your KSM advisor. Companies. While this update is still in the proposal stage and has not been finalized, it will have a significant impact on the reporting for many real estate entities. 9 Volume 6 | Issue 2 | 2012 THE FINANCIAL SIDE OF THE CONSTRUCTION & REAL ESTATE INDUSTRIES Creative Alternatives New Disclosure in which the user is unable to obtain (continued from page 2) (continued from page 1) additional publicly available information on the multiemployer plan, the following that has been financed with a bank Disclosure Requirement additional disclosures will be required: loan or other debt service, the • If a funding improvement plan has income from that investment been implemented or if a funding • A description of the nature of the could become subject to Unrelated improvement plan is pending plan benefits Business Income Tax. As a result, implementation • A qualitative description of the the investment could lose one of extent to which the employer could be financially responsible its primary benefits: tax deferred Potential Source Documents growth. • Notice of Plan Status (usually for the obligations of the plan provided to contributing employers (could include benefits earned by an employee while working for a • Related Party Restrictions within 120 days after the plan year- Another issue that needs to be end) different employer) considered before using an IRA to • To the extent available: total plan finance real estate investments is Disclosure Requirement assets, actuarial present value of the the problem posed by the IRS- • If the plan has imposed any accumulated plan benefits, and total related party regulations. Neither the surcharges on the contributions to contributions received by the plan beneficiary nor any lineal descendant the plan of the beneficiary can benefit from This ASU is effective for private the IRA funds, which means that Potential Source Documents companies for fiscal years ending after the IRA is not allowed to invest in • Notice of Plan Status Dec. 15, 2012; however, the requirements a property and then have a related are to be applied retrospectively for party manage the property. The Disclosure Requirement all periods presented. Therefore, it is related party regulations also do not • The date when the collective essential that employers begin to gather allow a related party to live in the bargaining agreement that information for the enhanced disclosures property, even if the party is paying requires the contributions to the now. a fair market rate for rent. These two multiemployer plan is set to expire. examples are merely illustrative of The above summary provides a the problems the regulations create. Potential Source Documents clear overview of the new disclosure (For a more complete analysis, • Collective Bargaining Agreements requirements. Many employers use Dec. 31 as their annual year-end. It may be consult your KSM advisor, who can give advice tailored to a specific Disclosure Requirement extremely difficult to obtain accurate scenario.) • If there are any minimum information concurrent with the year-end. For example, for employer years ending contribution requirements in the Utilizing traditional financing when collective bargaining agreement Dec. 31, 2012, the information needed for investing in real estate is effective; the disclosures may not be available until however, traditional financing methods Potential Source Documents May or June, long after the conclusion of may not be available with every • Collective Bargaining Agreements the annual audit. The required disclosures investment. Before walking away from an include the information most recently investment because traditional methods Additional Disclosure Requirements available; therefore, you should work have failed, look to these and other ideas By using the disclosed plan name, plan immediately to develop a strategy to to provide the financing that is needed. number and EIN, a user of the financial obtain, and internally communicate, this If any of these options seem like they statements should be able to access information in a timely manner. may be a beneficial alternative, please information on the plan outside of the remember to talk over the benefits and financial statement disclosures (e.g., the Please contact your KSM advisor with any risks with your KSM advisor. Form 5500). For multiemployer plans questions. Katz, Sapper & Miller 10 PRESORTED FIRST CLASS U.S. POSTAGE PAID INDIANAPOLIS, IN 800 E. 96th Street PERMIT NO. 1240 Suite 500 Indianapolis, IN 46240-0857 Our People: Your Success KSM Construction and Real Estate News KSM’s Construction Services Group and KSM Consulting will host a Matt Bishop passed the Certified Construction Industry Financial meeting for local users of Viewpoint Construction Software on Oct. 24, Professional (CCIFP) Exam and also joined the Construction Financial 2012. The meeting will provide local Viewpoint user professionals a forum Management Association (CFMA). that encourages communication through the sharing of best practices and technical solutions related to Viewpoint products. To RSVP for this event, Josh Malarsky was named co-chair of the Young Leaders Group for the contact Chris Djonlich at email@example.com or 317.452.1392 by Oct. 19. Indiana chapter of Urban Land Institute. KSM’s Construction Services Group will host Adjust, Adapt, Act: Winning Ron Lenz, Matt Bishop and Chris Felger attended the 21st Annual CICPAC Case Studies from the Post-2007 Construction World on Nov. 14, 2012. Led (Construction Industry CPAs/Consultants Association) Conference in by Michael Clancy, senior consultant at FMI Corporation, the seminar will Chicago. CICPAC is a nationwide network of CPA firms selected for their provide insight on proven strategies that have become crucial in running a experience serving the construction industry. profitable construction business, as well as common mistakes, which can lead to failure in today’s cutthroat environment. To RSVP for this event, contact Chris Djonlich by Nov. 9. Learn more about Katz, Sapper & Miller’s affiliate companies: The Construction & Real Estate Industry Advisor Editorial Committee: KSM Charitable Foundation Services Jenina Cody, Christopher Djonlich, Andie Friedman, Jolaine Hill, Jennifer ksmcfs.com Moore, Mike North, Tom Nowak KSM Consulting, LLC For more information about Katz, Sapper & Miller, please visit ksmcpa.com. ksmconsulting.com The Construction & Real Estate Industry Advisor is a bi-annual publication distributed to our clientsLLC and friends. Any tax advice or opinion herein contained is not intended to be used, and cannot be used, by anyone to avoid the imposition of any federal tax penalties. For more information on the articles featured in this edition of The Construction & Real Estate Industry Advisor, please contact theLLC authors at 317.580.2000. ksmta.com TouchPoint Recruiting Group, LLC © 2012 KSM Business Services, Inc. touchpointrecruiting.com
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