Archive for January 2011
Updated FASB Guidance for Revenue Arrangements That Include Software Elements
Does your business sell a product that includes a software component that is essential to the product’s overall functionality? If so, the newly approved FASB Accounting Standards Update (ASU) (2009-14) provides guidance that will be applied prospectively for revenue arrangements entered into or materially modified for fiscal years beginning on or after June 15, 2010,…
Read MoreDOD Acquisition Policy – Better Buying Power or a Shift in Power?
The Department of Defense issued a memorandum on January 4, 2011, the subject: Better Buying Power: Guidance for Obtaining Greater Efficiency and Productivity in Defense Spending; “Align Defense Contract Management Agency (DCMA) and Defense Contract Audit Agency (DCAA) Process to Ensure Work is Complementary” The following actions have been implemented: DCMA is well on their…
Read MoreSurvival Tactic #3 Be Prepared to Report Subcontractor Data & Executive Compensation
Whether you like it or not reporting accurate and timely subcontractor and executive compensation information will be critical to your firm’s success in 2011. Most contracts issued after July 2010 contain the new FAR Clause 52.204-10 “Reporting Executive Compensation and First-Tier Subcontract Awards.” This clause requires all but the very smallest prime contractors to report…
Read MoreReminder – Incentive Stock Option Reporting Required on 2011 Taxes
By Mitchell Kopelman, partner-in-charge of Tax, and Jeff Weinkle, tax manager Beginning last year, any corporation that transfers shares due to the exercise of an incentive stock option must report details of the transaction to the IRS on Form 3921. The information on this form will likely be matched to the tax returns of exercising…
Read MoreUsing Personal Guaranty Companies to Limit Exposure
If you are a real estate developer with personal guarantees, there may be better ways to secure financing while protecting your personal assets. It is common that banks require developers to personally guarantee loans in order to provide financing. This demonstrates the commitment of the developer to the project, provides the bank with leverage in…
Read More