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DoD is Rethinking Fair and Reasonableness of GSA Schedule Pricing
DoD has decided that GSA Schedule prices may not be fair and reasonable and is instructing Contracting Officers to conduct…
New 60-day IRA Rollover Rules Spell Trouble for Some
Early this year, the U.S. Tax Court made a surprise ruling (Bobrow v. Commissioner) related to the 60-day IRA rollover…
Maryland’s Up Next for Amazon.com Sales Tax Collection
Marylanders should make their online purchases now, as Amazon.com will soon begin collecting sales tax on internet sales made to…
Maryland Increases its Estate Tax Exemption and Introduces Portability
Are you a Maryland resident facing the possibility of incurring Maryland estate tax because your estate – including house, life…
New York Jumps on the Economic Nexus Bandwagon
The recently enacted budget bill in New York (S. 6359) makes numerous tax law changes, but the most significant of…
Another Day, Another Deadline – Don’t Miss the 5500 Deadline for Your 401(k) Plan!
Congratulations! March 15th has come and gone and your 401(k) compliance testing is done and refunds have been issued. Now…
Active Scam Targets GSA Schedule Holders for $1.5m to Date Using Spoofed Federal Email Addresses
Scammers using spear phishing attacks are attacking the General Services Administration (GSA) Schedule 70 (IT) and 75 (Office) Schedules program…
Test Your Service Contract Act Knowledge
No contractor is naturally compliant with the Service Contract Act (SCA). Successful compliance with SCA involves numerous disciplines within the…
401(k) Sponsors Beware: A DOL Limited-Scope Audit is Not Really “Limited”
Is your employee benefit plan participant count causing you to become dangerously close to needing an audit? Have you just…
The IRS Audit Risk Profile of Section 409A is Changing
Is your company prepared? By Mitchell Kopelman, partner-in-charge of Tax If your company has issued or is planning to issue…
Time to Rethink DoD Cybersecurity
Implementing and Paying For the New DFARS UCTI Safeguarding Contract Clause Q: Will contractors be required to go through the…
IRS Issues New Transfer Pricing Audit Roadmap
The IRS released a Transfer Pricing Audit Roadmap on February 18, 2014. The Roadmap, which was issued through the IRS…
Tax Alert: IRS Issues New Passive Foreign Investment Company Regulations and Revises Form 8621 PFIC Information Return Instructions
On December 30, 2013, the IRS issued Treasury Decision 9650, which includes new temporary regulations under Treas. Reg. Sections 1.1291-1T…
Preparing for DC Area Government Closures
The Love Storm is taking aim on the D.C. region and although no formal announcement has been made, it is…
IRS Audit Bogged Down? Fast Track Settlement is Here!
For years the IRS has had a very successful program for large businesses to resolve disputes arising during an IRS…
Reporting Deadlines Approaching for Incentive Stock Option and Employee Stock Purchase Plans
Under Section 6039 of the Internal Revenue Code, corporations are required to furnish statements to current and former employees who…
Audit Alert! A Candid Look at Professional, Consultant and Purchased Labor
In response to the need for further audit guidance on professional, consultant and purchased labor, a Memorandum for Regional Directors…
Sharing QuickBooks Data with Your Accountant
The month of January marks the time of year many businesses process the year-end closing of the books and send…
Reminder – DCAA in Pursuit of Scanned Images!
As 2014 is now upon us, let us not forget one of many important DCAA Memorandums for Regional Directors (MRDs)…
Report Writing Using Cognos or Impromptu
Regardless of which financial system your organization uses, getting relevant actionable data out of your system quickly is top priority….
Tax Alert: Saving the 3.8% Surtax on Trust Net Investment Income
As is the case for individuals, complex trusts (i.e., a trust other than a grantor trust or a simple trust)…
What is the Difference Between Fringe, Overhead and G&A?
Start-up government contractors are often confused by the difference between fringe, overhead and G&A expenses. The FAR gives no substantial guidance,…
Can a Noncustodial Parent Claim the Dependent Deduction?
Do you intend to claim your child as a dependent even though you are not the custodial parent? While you…
What Is “Fair and Reasonable” When It Comes To GSA Schedule Pricing?
Part 1- GSA trusts other companies more than yours… Supporting evidence is required anytime a Schedule-holder requests to add new…
New FAR Clause: Accelerated Payments to Small Businesses Are Here to Stay!
Small business prime contractors and subcontractors are celebrating, as accelerated payments become the new norm and their cash flow gets…
Anti-Deferral and Controlled Foreign Corporations
Based on the general rule of deferral, a U.S. shareholder of a foreign corporation defers U.S. federal taxation on earnings…
The Most Important Line Item in a Government Contactor’s Financial Statement
Revenue has been widely recognized as the most important item in a government contractor’s financial statement. Now, with the most…
The Devil’s in the Details for Virginia Sales Tax on Contractors
Keeping track of Virginia’s sales tax rules applicable to construction contractors is no easy task, especially if your business installs…
Net Investment Income Tax Applies to U.S. Shareholders of CFCs and PFICs
The new 3.8% net investment income tax applies to U.S. individual, trust and estate taxpayers for tax years beginning after…
Built-in Gains Tax Planning Opportunity Expires on 12/31/13
If you are a former C corporation with an S election older than five calendar years (i.e., your business has…
IRS Phone Scam Resurgence
The IRS released information of a new phone scam, which over the years has gotten more sophisticated. The IRS never…
The Architecture Billings Index has a Positive Score for the Fifth Consecutive Month
The September score for the American Institute of Architects (AIA) Architecture Billings Index (ABI) was positive for the fifth month…
DCAA’s Latest Guidance on Maximum Per Diem Rate
In the Memorandum for Regional Directors (MRD) released by DCAA on March 22, 2013, it clarifies the FAR 31.205-46(a)(2) clause…
The Road to Simplified Government Contractor Financial Statements
There has been a demand from many government contractors to reduce the required number of footnote disclosures in financial reports….
Unclaimed Property: The Stink of Stale Checks
Many companies have their share of outstanding checks cluttering their bank reconciliations, and contractors are by no means different. Reasons can…
Valuation Drivers in CACI’s $820M Announced Acquisition of Six3 Systems
CACI International’s recently announced acquisition of GTCR portfolio company Six3 Systems (“Six3”) represents the largest Government Services transaction since General…
Lease Accounting Exposure Draft Faces Criticism
The Financial Accounting Standards Board and International Accounting Standards Board issued a revised Exposure Draft on May 16, 2013, recommending…
What’s at the Top of Your List, DCMA?!
The DCMA (Defense Contract Management Agency) discussed their key initiatives to include forward pricing rate development, disclosure statement revisions, pre-award…
The Government Shutdown and the IRS
Employees Get Furloughed but the Tax Law Goes On! When the government shut down on October 1st, the IRS, along…
Government Contractor Purchases: Taxable or Not?
We all know that a government contractor’s sale to the government is not a transaction subject to sales tax, but…
IRS Continues to Target Interest Expense Deductions on Intercompany Debt
Tyco International Ltd. filed a case in the US Tax Court in August 2013, in which the company asserted that…
Virginia’s New Sales Tax Rates: What Rate Applies?
Virginia’s increased sales tax rates took effect on July 1, 2013, and complying with the new rates will not be…
IRS Rules that Mexican Land Trusts are Not Foreign Trusts for Tax Purposes
On June 6, 2013, the IRS issued Revenue Ruling 2013-14, in which it found that Mexican Land Trust (“MLT”) arrangements…
Consideration of Variable Interest Entities
Since the introduction of new rules for variable interest entities (VIEs) after the Enron debacle, many companies have faced somewhat…
Basic Tax Tips for Negotiating a Sec 338(h)(10) Transaction
In an acquisition scenario where an S corporation is the target, it is common for the S corporation’s shareholders and…
OASIS Request for Proposal Series #4: Pricing Proposal
Thank you for continuing to follow our special GSA OASIS blog series. In case you missed it, GSA released the…
Offshore Voluntary Disclosure Program Still Open for Quiet Disclosures and Formal Disclosures
In January 2012, the IRS extended the Offshore Voluntary Disclosure Program. The program allows U.S. taxpayers to pay penalties and…
UPDATED, GSA OASIS Draft RFP Series, #3 Contractor System, Certification and Clearance Requirements
UPDATE 7/22/13: GSA’s OASIS Program Team released its revised draft RFP late last month. There have been several minor changes…