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January 29, 2018

     When it comes to collecting sales tax, the distinction between capital improvements and repair, maintenance, and installation services to real property is a dichotomy that impacts all contractors and their customers. In New York State, a contractor is not required to charge sales tax to its customers and is relieved from liability for any sales tax due on the work performed if the work is considered a “capital improvement”. Conversely, a contractor must charge sales tax to its customers if the work performed is considered “repair, maintenance, or installation work.” While this concept may seem straightforward, failure to accurately make this distinction can result in costly penalties an...

December 18, 2017

               On October 23, the Commissioner of the Securities and Exchange Commission (SEC), Kara M. Stein, issued a public statement where it was announced that all three SEC Commissioners voted unanimously to support and adopt Auditing Standard (AS) 3101 (‘The Auditor’s Report on an Audit of Financial Statements when the Auditor Expresses an Unqualified Opinion’). Through a concept release, this standard was earlier proposed by the Public Company Accounting Oversight Board (PCAOB)- an independent body that regulates auditing practice. The Commissioner highlighted that the approval is the first significant development...

September 12, 2017

                If you are an owner, contractor or subcontractor, payment disputes that arise on construction projects are a common occurrence.  Even worse, more often than not these disputes lead to litigation, which costs an exorbitant amount of money and time.  To combat this problem in the construction industry the New York State legislature enacted the Prompt Payment Act in 2003 (“PPA”), which is found in Sections 756-758 of Article 35-E of the General Business Law.

                The PPA applies to any “written or oral agreement for the construction… of any building, structure or improvement…where the aggre...

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