Perry McGowan is a professional tax advisor with CLA. He practices with in the firm’s construction and real estate practice group in Minneapolis, Minnesota, providing advisory services focused on the tax planning issues of real estate owners, designers, and builders. With more than 35 years of practice experience in the Twin Cities, Perry works with small and family owned businesses and their CPAs on thoughtful tax strategies, transaction design, and tax risk analysis. His client services include large compliance and complex transactional work with businesses in the construction and real property industries, and architectural and engineering firms.
A tax-planner’s perspective on how recently changed tax accounting methods present new opportunities and complexities while new GAAP accounting for revenue and leasing simultaneously emerge. A mixture of evolving and colliding accounting systems (and legislative proposals) confront the construction industry. Look for an intriguing discussion of tax accounting methods and legislative developments that challenge traditional practices of book vs tax recognition and deferral. In a new landscape of accounting strategies, GAAP is only the beginning.
CFOs and business owners engaged in long term construction contracting