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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,…
Two Tax Horror Stories and How You Can Avoid the Nightmare
Paying taxes is just like going to see a good slasher film these days: terrifying and almost guaranteed to make…
Is My Company Required to File an Incurred Cost Submission?
The requirement for an incurred cost submission is dictated in FAR Part 16.3 Cost Reimbursement Contracting, specifically FAR 16.307, the…
Tax Amnesty Coming to Maryland
Maryland taxpayers with outstanding liabilities will have a chance to come clean through a tax amnesty program that will take…
Your Top 10 Questions About Accounting System Requirements & Reviews Answered
Understanding accounting system requirements and DCAA pre-award accounting system reviews Having an “adequate accounting system” is an integral part of…
Small Businesses: Don’t Overlook the Disabled Access Tax Credit
Did you know that you might be eligible to receive a big tax credit for expenditures to make your business…
The Software Sales Tax Myth
By Jeff Glickman, partner-in-charge of State and Local Tax, and Robert Casey, assurance partner One of the most common misconceptions…
Rules of Deduction: Fine Art and Other Non-Cash Donations
Fine art can be a valuable donation for a nonprofit. Whether it is used as part of a gala auction…
DCAA Floor Checks: Your Top Questions Answered
All companies with government defense contracts may be subject to DCAA (Defense Contracting Audit Agency) floor check audits during a…
The Top Five Tips for Government Contractor Per Diem Reimbursement
Travel is essential for the work of many government contractors and it is important to be familiar with the regulations…
Expatriates May File within the IRS Offshore Voluntary Disclosure Program & Streamlined Filing Compliance Procedures
There is more to expatriating for U.S. federal tax purposes than relinquishing U.S. citizenship or a U.S. green card. It…
How to Protect Yourself from Taxpayer Identity Theft
In the most recent Fact Sheets published by the Internal Revenue Service (IRS) in January 2015, the IRS highlights its…
Goodlatte Proposes “Origin” Approach for Internet Sales Tax
On January 13, 2015, House Judiciary Chair Bob Goodlatte (R-VA) released a discussion draft of his long-awaited plan to simplify…
Refund for Restaurants? New Georgia Regulations Clarify Sales Tax Rules
The Georgia Department of Revenue has issued a new regulation that clarifies the sales and use tax rules for restaurants…
Illinois Adopts the Nation’s First Automatic Retirement Fund
On January 4, 2015, the Governor of Illinois approved an innovative approach for residents to save for retirement. The legislation…
Look-Through Rule Under I.R.C. Section 954(c)(6) Is Extended
The President signed The Tax Increase Prevention Act of 2014 on December 19, 2014. The new Public Law No. 113-295 (H.R….
How Will the PCC’s New M&A Accounting Framework Affect Government Contractors?
In September, the Private Company Council (PCC) reached a final consensus on an accounting alternative for business combinations that, if…
Evaluating Contract Mix in Government Services M&A: SBSA & Subcontracts
The majority of the completed Government Services transactions involve targets with annual revenue of less than $50M. This sector is…
International Payroll for Compensation of U.S. Expatriates and Impatriates
A U.S. company may face international payroll challenges when it sends U.S. employees to work in a foreign country or…
Managing the Chart of Accounts in QuickBooks
Getting the most from QuickBooks financial reports relies heavily on the structure from which the reports are built. The chart…
IRS Checklist for 403(b) Plans
403(b) plans have been a benefits staple of nonprofit organizations for many years. Up until 2009, the Internal Revenue Service…
GSA Q&A: How Can State and Local Government Customers Use the GSA Schedules?
Note: In the interest of space, we reference below several terms and acronyms that are common in the schedules world…
IRS Releases New Guidance for ACA Compliance
The IRS released fact sheets 2014-09 discussing the Affordable Care Act (ACA) as it pertains to individuals, and 2014-10 discussing…
You May Have More Time to Comply with the New Revenue Recognition Standards
The FASB and IASB have identified areas requiring additional research and discussion As it stands today, the new revenue recognition…
IRS Issues Tax Relief for U.S. Citizens and Residents with Canadian Retirement Plans
In Revenue Procedure 2014-55, issued on October 7, 2014, the IRS provided tax relief for U.S. citizens and residents with…
G Election Trues Up Timing to Recognize CFC & PFIC Income for Net Investment Income Tax
The “G” election, provided for under U.S. Treas. Reg. Section 1.1411-10(g), impacts U.S. direct and indirect individual shareholders of controlled…
Key Impacts of Recent Changes to Revenue Recognition Standards
What you need to know as a software company In June of 2014, the Financial Accounting Standards Board, together with…
Hedge Fund Schedule K-1s and U.S. Foreign Reporting
Hedge funds are investment partnerships that issue a Schedule K-1 to investors which are partners in the partnership. The Schedule…
Can My Company Respond to this RFP?
The federal government establishes formal goals to ensure that small businesses get their fair share of work with the federal government. For…
OFCCP Posts New Directive on Gender Identity and Sex Discrimination
OFCCP has posted Directive 2014-02, Gender Identity and Sex Discrimination (DIR 2014-02). On June 30, 2014, the Secretary announced that…
How to Account for Website Development – Part 8
So far in this series, we have covered quite a bit related to the accounting treatment of website development costs….
What is “Fair and Reasonable” When It Comes to GSA Schedule Pricing – There is No Knowledge That is Not Power
There is no knowledge that is not power. When preparing for pricing negotiations with your GSA counterparts, your guiding principal…
Avoiding Management Letter Comments – Inventory
Common issues related to accounting for inventory include: incorrect valuation, too small or no allowances for slow moving inventory, not…