Posts by Aprio Publisher
Property Managers and California Mandatory Withholding
At a glance Main takeaway: California expanded the tax withholding requirement on income paid to nonresident property owners to include residential real estate rentals. Impact on your business: Residential property managers who fail to comply with the new tax withholding requirements could face potential costly fees and penalties. Next steps: Aprio’s Real Estate practice can…
Read MoreBuild Back Better Act – Tax Provisions Impacting Individuals
The Build Back Better legislation is progressing towards a vote in the House in the near future. The legislation has evolved and continues to be modified as it nears voting in the House. While it is expected that there will be more changes leading all the way up to voting, the most recent draft legislation…
Read MoreCMMC 2.0 – What Changed & What Should Government Contractors Do Next?
On November 4, 2021, the DOD launched CMMC 2.0 which significantly streamlined requirements for the Defense Industrial Base (DIB) to meet required cybersecurity standards (DOD Press Release). CMMC 2.0: Image Source: OUSD A&S So what has changed from CMMC 1.0 to CMMC 2.0?• Framework• Assessment Requirements• Implementation Approach FrameworkCMMC 2.0 continues to be a multi-tiered…
Read MoreHow to Account for Lease Incentives under ASC 842
Lessors often provide benefits to their lessees in the form of making payments to, or on behalf of, the lessee. Such payments could be moving costs, legal or professional fees, or an upfront cash payment. Lessors will occasionally also assume the lessee’s preexisting lease with another party. Such payments or assumption of the lessee’s obligations…
Read MoreNew Audit Standard Places Increased Responsibilities on Benefit Plan Sponsors
At a glance Main takeaway: The Employee Retirement Income Security Act is set to significantly increase reporting responsibilities for benefit plan sponsors who are required to complete a financial audit when they file Form 5500. Impact on your business: While the goal is to obtain a higher quality edit, it can only occur if plan…
Read MoreSubstantial Employee Retention Tax Credit Opportunities Remain At Large
Since the employee retention tax credit (ERTC) was first introduced by the CARES Act in March 2020, ERTC has resulted in large tax refunds for many business owners that had experienced a substantial decrease in their gross revenue at some point since the pandemic started. There have been various extensions and enhancements to the program…
Read MoreDissecting Maryland’s Sales Tax on Digital Products: Part 1-What is a Taxable Digital Product?
Earlier this year, the Maryland General Assembly overrode the Governor’s veto of House Bill 932 (The 21st Century Economy Fairness Act), resulting in the retail sale of a digital product being subject to the state’s sales and use tax effective on March 14, 2021. Maryland is not alone in expanding its sales and use tax…
Read MoreUnderstanding Contributed Services
Contributed services are professional services that have been donated by someone outside of your organization with specialized skills — such as those provided by doctors, nurses, lawyers or accountants. They have a real monetary value, but you must handle them differently compared to donated goods when recording them in your accounting system and acknowledging your…
Read MoreGrowing Your Construction Business: The 5 Stages of Development and How to Move to the Next Level
Construction companies undergo transformations as they grow in size, complexity and sophistication of operations. For both general contractors and specialty contractors, growth can mean many things. It can look like increasing sales volume in selected market segments. It can also encompass structuring the organization to provide expertise in all facets of construction management in these…
Read MoreWhat Are the Cyber Incident Reporting Requirements for Department of Defense (DOD) Contractors?
Defense Federal Acquisition Regulation Supplement (DFARS) 252.204-7012 specifies the safeguarding of covered defense information and cyber incident reporting. This contract clause is commonly recognized for introducing the requirement to implement the 110 security controls outlined in NIST 800-171. However, the DFARS clause also includes key cyber incident reporting requirements for covered defense contractors. These include:…
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