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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…
Federal Support of Accelerated Payments to Small Business Subcontractors Extended
The Office of Management and Budget (OMB) issued a memorandum (M-14-10) on July 10, 2014 which extends the policy of…
How to Account for Website Development – Part 1
Websites are a necessity for nonprofit organizations that want to compete for donor contributions in today’s social media based culture….
Avoiding Management Letter Comments – Bank Reconciliations
Performing monthly bank reconciliations should be a standard practice for your organization. Occasionally, something goes wrong and a management letter comment is issued. Some…
Cut-off issues and avoiding management letter comments
A common audit management letter comment given to organizations is due to cut-off issues. There are two types of cut-off…
Investments and Avoiding Management Letter Comments
A common audit comment given to organizations is in regards to recording investment activity. An organization should track the changes in the investment…
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….