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Ready for the “Cadillac Tax”?
With the fickle business environment, businesses must be able to adapt to the various changes that occur in order to…
Six Ways to Simplify Month-End Closing
At a glance The main takeaway: The month-end close process can be a huge strain on accounting and finance departments,…
Commercial Service Spotlight –Going Global Strategically
At a glance: Main takeaway: Are you a small business or startup with plans for global expansion, but not sure…
Updated – Annual FAR Service Contracts Reporting (SCR) Due 12/15/15 – Includes GSA Schedule Holders
Update – Reporting has been extended and GSA has provided a video to show you how to do reporting. One…
Project Management and Accounting – How Are They Related?
The financial success of a construction contractor can depend on a variety of factors including the quality of its product,…
Charitable Donations as a Business Expense
We have all seen various businesses advertise that they will donate a percentage of sales to a particular cause, typically…
Eight Types of Transition Relief from the Affordable Care Act
By Tommy Lee, partner; Anita McBurney, senior manager; and Bob Carreker, senior manager With the advent of the Affordable Care…
Get Ready to Report – 2015 ACA Requirements for Applicable Large Employers
By Tommy Lee, partner; Anita McBurney, senior manager; and Bob Carreker, senior manager The Affordable Care Act (ACA) is officially…
Alabama Sales Tax Regulation Ignores U.S. Supreme Court
A new sales tax regulation in Alabama directly contradicts the bright-line physical presence nexus standard created by the U.S. Supreme…
The Basics of Change Orders and Change Order Management
Change orders can range from simplistic to intricate, can cause disruption or resequencing, and can eat away at profits. In…
ALTA Best Practices: Standards or Guidelines?
By Paul Roberts, director, Title Industry Services ALTA released Version 2.1 of its Best Practices Framework Assessment Procedures in November 2014….
Follow the DCAA Checklist – Get a Passing Grade!
DCAA issued an MRD on August 27, 2015, “Revised Checklist for Determining Adequacy of Contractor Incurred Cost Proposal.” The purpose…
GSA Issues RFI Proposing Changes to the IT70 Solicitation to Foster A Better Federal Marketplace
On September 2, 2015, the General Services Administration (GSA) issued a request for information (RFI) with proposed changes to the…
401(k) Plans: Don’t Overlook Your Company’s Multi-Million Dollar Investment
Even though it is often overlooked by plan sponsors, a 401(k) plan is one of the most important assets to…
Indirect Cost Series: Part Two – Cost Pools and Developing an Indirect Cost Rate
In part one of our indirect costs series, we focused on what indirect costs are and why they are important…
ASU 2015-03 and 2015-15: Simplifying the Presentation of Debt Issuance Costs and the Imputation of Interest
What you need to know in 4 Q&As In April 2015, the Financial Accounting Standards Board (FASB) released Accounting Standards…
Indirect Cost Series: Part One – What Are Indirect Costs?
This is part one of a five-part series on indirect costs. When contractors are accounting for contracts, it’s easy to…
Use QuickBooks-Compatible Apps to Reduce Data Entry
As a small business entrepreneur there is a lot of demand on your time from competing forces, not the least…
Section 338(g) Election for the Acquisition of a Foreign Target Corporation
A Section 338 election has the effect of recharacterizing a taxable stock acquisition as a deemed asset acquisition. The advantage…
The Sourcing Tail Wagging the Nexus Dog
There is a growing list of states that have adopted a more aggressive income tax nexus standard. On August 11,…
Fund Profile: Grotech Ventures Takes a Personal Approach to Investing
By Brett Cloetingh and Melissa Tarkett Grotech Ventures is an established early stage venture capital firm headquartered in Tysons Corner,…
Use DoL Affirmative Action Tool to Test Compliance
OFCCP has posted a new interactive tool that contractors may find useful. The Checklist for Compliance with Section 503 of…
Your Cloud Migration Could Actually Save You Money
By Carli McDonald, partner-in-charge of R&D Tax Credit Services Are you in “the cloud” or considering moving a portion of…
State Your Own Tax Credit Amount: California Competes Tax Credit
California has established an incentive called the California Competes Tax Credit that can be awarded to businesses creating new jobs…
What is a ‘Standard Audit Opinion?’
The standard opinion for audits of financial statements conducted in accordance with “auditing standards generally accepted in the United States”…
Wouldn’t It Be Great If Your Customers Paid You Faster?
By Mitchell Kopelman, partner-in-charge of Tax As a small business owner, do you worry about your cash flow? Small businesses…
The Impact of the Internet of Things on Manufacturing
By Adam Beckerman, partner-in-charge of Manufacturing and Distribution, and David Siegel, assurance senior manager Imagine a world in which industrial…
Disguised Payments Defined as Proposed Regulations Issued
By Jeff Winland, tax partner Current partnership law allows for many contributions and distributions of cash between a partnership and…
IRS Regulation Brings Clarity to Apportioning Income for Partnerships with Changing Interests
By Jeff Winland, tax partner, and Tage Kelkar, tax associate The IRS has recently released a new set of regulations,…
IRS Declares No Statute of Limitations on Tax Shelters
By Jeff Winland, tax partner The Chief Counsel of the IRS in a very recent Advice, (CCA) #201531019, has concluded…
Fund Profile: The Abell Foundation Invests in Baltimore Companies
This is the first in a series of scheduled blog posts about funds that invest in Metro DC/Baltimore area companies. …
Vacationing While on Business Travel – Is it Deductible?
As the summer heat cranks up, it is tempting to squeeze in some leisure time during a business trip. But…
Protecting Yourself from Payroll Tax Fraud
By Jagruti Solanki, assurance senior manager As an employer, your company has the vital role of managing payroll tax responsibilities,…
Tax Compliance Series for Construction Contractors: Domestic Production Activities Deduction
Today, we switch our focus to a fantastic opportunity to not only comply with IRS regulations, but benefit from a…
Seven Common Questions about the Tax Implications of the New Revenue Recognition Standard
By Thomas Scott, senior manager In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09 Revenue…
Things to Consider When Buying Government Contractor Accounting Software
From basic, off-the-shelf programs to the most sophisticated and customized platforms, many different accounting programs designed for government contractors are…
Should You Use Cash Basis or Accrual Accounting for Tax Purposes?
The most popular method of accounting is cash basis, primarily because of its simplicity. Reporting on the cash basis allows the…
Using Restaurant Servers’ Tips to Offset Credit Card Processing Fees
Processing fees that are incurred by restaurant owners when a customer dines in and pays by credit card can get…
UPDATE: GSA Initiatives Focus on Price Variability on Multiple Award Schedule Contracts
This is an update regarding the Competitive Pricing Initiative, under which the GSA is contacting vendors to address pricing differences…
Lexy Kessler Talks to Federal News Radio About Government Contracting Landscape
The federal government spent 22% more on local government contractors over the past two years despite a tough budget climate…
New Procedures Announced for Unfiled FBARs
The IRS has provided new filing procedures for certain taxpayers with delinquent FBARs, allowing them to avoid penalties without participating…
IRS Issues Guidance on Foreign Bank Account Report / FBAR Penalties
U.S. persons are required to file the FinCEN Form 114 Report of Foreign Bank and Financial Accounts (FBAR) to report…
Market-Based Sourcing: Not Just a Trend
The shift to market-based sourcing is more than just a trend in state income tax. More than 20 states have…
Will R&D Tax Credits Benefiting Construction Contractors Become Permanent?
Does your construction company benefit from research and development (R&D) tax credits? If so, the American Research and Competiveness Act…
What Federal Contractors Need to Know about Self Insurance
Contractors often disclose the cost savings of self-insured plans with excitement, but buyer beware. Most contractors are surprised when I…
Bitcoin Users Beware of State Sales Tax Treatment
IRS Notice 2014-21 raised an interesting issue for state sales tax purposes since barter transactions involving taxable property/services are subject…
New York City Business Tax Reform
Changes bring New York City corporate tax into greater conformity with New York State’s business tax reform. On April 13,…