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Worker Classification: Voluntary Classification Settlement Program vs. Section 530 Relief
The world of worker classification is still fraught with great uncertainty. The distinguishing factors between an employee and an independent…
The LPTA Environment – Here to Stay?
In the current government contracting environment, LPTA is becoming a very common acronym. What does LPTA stand for, you might…
Consider a Sec 336(e) Election When Planning an Acquisition or Sale Transaction
When negotiating your next business acquisition or sales transaction, don’t be so quick to dismiss an election under Section 336(e)…
Recent U.S. Weapons Systems Hack Foreshadows Continued Investment in Cybersecurity
A nonpublic report received by The Washington Post late last month has identified over two dozen major U.S. defense and…
Maximizing Sec 382 Limitation Calculations for C Corps
If you are a C Corporation with substantial net operating losses (NOLs) carried forward subject to IRC Sec 382 limitation…
The “Back Door” Roth IRA Contribution
The Roth IRA presents a great opportunity to put money away for retirement and withdraw it all, free of tax….
Maryland Increases and Decreases Security Clearance & SCIF Credits
The Maryland legislature has increased the income tax credit for employer costs related to obtaining federal security clearances and constructing…
You Can’t Just Move to Florida
Georgia Taxation of Stock Options and Deferred Income (Nonqualified Options) By Mitchell Kopelman, partner-in-charge of Tax, and Jess Johannesen, SALT…
Caution: More than One Type of U.S. Federal Tax Withholding Could Be Required for Foreign Partners in a U.S. Partnership
It is very important for a U.S. partnership to determine the residence status of all partners in the partnership. A…
Caution: FIRPTA Withholding Exemption Certificates—Mirage or Oasis?
The Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”) requires foreign persons who sell U.S. real property (or…
Exceptional Investor Tax Benefits Available
By Mitchell Kopelman, partner, and Ori Epstein, partner Owners of qualified small business stock may be eligible for a 100…
Yes, That is DCAA’s Website!
At first glance I thought I had accidentally gone to DCMA’s website instead of DCAA. It has a similar feel…
eBuy Mobile: Access GSA Schedule RFQ Opportunities on Your Mobile Device
GSA has taken the first step in its new eBuy mobile initiative. eBuy vendors can now login to eBuy on…
The Importance of Sourcing Software License Royalty Income
If a US company pays a royalty to a foreign company for the use of a software license, there is…
Washington, DC Named One of the Best Places for Tech Startups
Based on a report by the National Venture Capital Association, Network World has compiled its list of best places for…
“C” Corp Reasonable Compensation
A recent case (TC Memo 2013-10) upheld the taxpayer’s deduction of compensation to its officer as reasonable. The taxpayer (a…
Keep Your GSA eBuy Quote Out of the Trash
GSA’s eBuy is a Request for Quote (RFQ)/Request for Information (RFI) system designed to allow government buyers to request information,…
Tax Tip: Home Office Deduction Safe Harbor
In a newly issued Revenue Procedure 2013-13, effective for tax years starting on or after 1/1/2013, the IRS has created…
The Importance of Sourcing Software License Royalty Income
If a US company pays a royalty to a foreign company for the use of a software license, there is…
ACA Tax Credits for Nonprofits
Nonprofits are eligible for tax credits that put cash into their coffers. A free study is available for your organization….
Evolve: Upgrade to Deltek Costpoint 7 – Don’t Wait til the Last Minute…
Deltek recently released a product alert indicating that Costpoint 6.1 SP2 will move into sustained support effective October 1, 2013….
The Deltek GCS Premier Forgotten Reports – What’s on Your Monthly List?
While many companies focus on their Income Statement for evaluating performance, GCS Premier offers many other out-of-the-box reports that are…
Substantiation of Charitable Contributions
The documentation requirements taxpayers must maintain in order to take a charitable contribution deduction on their tax return have been in place…
GSA Schedule Contract Extension – What You Need to Know about OPEN
Those that went through the GSA Contract extension process in the past know that it was often fraught with disjointed…
Positive News from the November ABI Index Reading
The American Institute for Architects’ ABI Index posted positive for its third straight month. As noted in the full report,…
Transfer Pricing – General Principles, Penalties and Contemporaneous Documentation
General Principles – Transfer pricing is relevant for U.S. companies with foreign subsidiaries or foreign parent companies that engage in…
Small Business Subcontractors to Receive Accelerated Payments
The Office of Management and Budget Memorandum M-12-16, dated July 11, 2012, required agencies to accelerate payments to prime contractors…
The Basics to Know About Foreign Tax Credits
1. Foreign Taxes Paid by a US Company Conducting Business Activities Directly in a Foreign Country or through a Foreign…
Small Business Subcontracting Plan eSRS Reports Due Tuesday, 10/30!
Large business Federal contractors with small business subcontracting plans are required to complete reporting via the Electronic Subcontract Reporting System…
Jurisdiction to Tax Income Earned in a Foreign Country
If a U.S. company performs a contract, provides services or does some type of work directly in a foreign country…
Tool Reimbursement Plans – Considerations for Contractors
Tool reimbursement plans are typically seen in service contractors, home builders, or other businesses that require employees to use and…
SBA Increases Size Standards in 3 NAICS Sectors; 18,600 Additional Businesses Qualify As Small
The U.S. Small Business Administration (SBA) issued three final rules in the Federal Register, effective Oct. 24, 2012, increasing size…
Affordable Care Act-Required MLR Rebates Have Started to Arrive
As a result of the Affordable Care Act (ACA), some employers that sponsor group health plans have begun receiving Medical…
Government Contractors’ Accounting System Risks and Internal Controls
Allowing unauthorized access into your accounting system could lead to a manipulation of your accounting data or even fraud. Unauthorized…
IRS Proposal to Clarify Treatment of Expense Reimbursements Should be Considered by Construction Contractors
Summary of Proposed Regulation: On August 1, 2012, the IRS released a proposed rule to clarify the limitations applied to…
New GSA Schedule 70 Requirement: One UPC Code Per SIN
GSA recently released a refresh to the IT Schedule Solicitation that contains new requirements regarding Universal Product Codes (UPC). Products…
Deduction vs. Capitalization of Tangible Property Costs: What Contractors Need to Know About the New Temporary Regulations
In late December 2011, the IRS issued temporary regulations that provide guidance on expensing versus capitalizing amounts paid to acquire,…
International Tax Series: Be Aware of the Form 8858 Filing Requirement if a U.S. Person Owns a Foreign Disregarded Entity
The Form 8858 is required to be filed if a U.S. person owns 100% of a foreign eligible entity that…
International Tax Series: Are You a U.S. Shareholder in a Controlled Foreign Corporation? The Basics to Know about Subpart F
A controlled foreign corporation (CFC) is a foreign corporation of which more than 50% of the vote or value of…
GSA Tools to Help You Succeed with Your New GSA Schedule Contract!
GSA is investing in providing training tools to GSA Schedule contractors to better prepare new vendors for successful business partnerships…
Retirement Plan Fiduciaries Responsibilities
At a glance The main takeaway: To avoid risk and comply with ERISA standards, plan sponsors should stay abreast of…
The “FICA Tip Credit” Equals Major Tax Savings for Restaurant Owners
If you are a restaurant owner and you have employees that receive tips from customers on a regular basis, you…
New Acronym Alert: PCC (Private Company Council) established to define GAAP for private companies
On May 23, the Financial Accounting Foundation (FAF) voted to create the Private Company Council (PCC), whose main purpose will…
International Tax Series: Be Aware of the Form 5471 Filing Requirement if a U.S. Person Owns Stock in a Foreign Corporation
The Form 5471 may need to be filed if a U.S. person owns an interest in a foreign corporation. A…
Proposed Lease Accounting Changes May Negatively Impact Financial Ratios of Government Contractors
Government contractors should be sensitive to the changes that are happening with leases as these changes will increase the complexity…
International Tax Series: Know the Basics of Entity Classification and Check-the-Box when Forming or Acquiring a Foreign Company
A U.S. person who plans to form or acquire an ownership interest in a foreign company should be aware of…
Attention NAVSEA Service Contractors: Beware of New Tripwires!
NAVSEA has issued new approval requirements for numerous contracting actions associated with service contracts. Among other ramifications, these new “tripwires”…
Maryland Increases Personal Income Tax Rates
Maryland Governor Martin O’Malley has just signed legislation that, effective for tax years beginning after December 31, 2011, increases personal…