If you’ve ever visited the Nation’s Capital in March or April, you may have seen blooming cherry trees along the National Mall and Memorial Parks. These cherry trees were a gift of friendship from Japan to the United States in 1912.
- Bloom Schedule
- History of the Cherry Trees Continue reading »
The Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”) requires foreign persons who sell U.S. real property (or certain U.S. real property interests) to pay a 10% U.S. withholding tax on the gross sale proceeds. If the foreign person’s final U.S. tax liability on the gain from the sale of the U.S. real property interest is less than the 10% withholding tax then the foreign person can file a Form 8288-B to obtain a FIRPTA withholding exemption certificate. The IRS instructions to the Form 8288-B indicate that it could take the IRS 90 days to issue a withholding certificate after the Form 8288-B is filed. If the foreign seller receives the FIRPTA withholding certificate from the IRS prior to Continue reading »
Thursday, April 18, 2013 at Hilton Crystal City, Arlington
Following extensive research with industry stakeholders and outside advisors, American Conference Institute has, once again, assembled a sophisticated program and multi-dimensional speaker faculty, who will discuss the most complex, pressing cost or pricing compliance issues affecting your business. Each year, industry and private practice professionals attend this event to hear the latest, cutting edge strategies for meeting heightened DCAA and DCMA compliance expectations. Continue reading »
Companies that previously have or have not applied for Qualified High Technology Company (“QHTC”) status in the District of Columbia should reassess their operations to see if they can take advantage of QHTC incentives for tax year 2013 and beyond. Legislation has passed in the District that changes the definition of QHTC and also modifies the eligibility for some of the benefits [Technology Sector Enhancement Act of 1012, L. 2013, Act 19-513 (Law 19-211), effective 03/05/2013]. Aronson is urging taxpayers to evaluate and take advantage of these incentives before they change even further. We expect that these incentives will be significantly reduced for coming tax years, both in amount of the incentive and number of companies eligible. Continue reading »
Lacking the brinkmanship that citizens have become accustom to, Congress voted to extend the continuing resolution (CR) a full 6 days before the current CR was set to expire. President Obama signed the bill over the weekend. The Government is now funded through September 30, 2013 at the levels mandated by sequestration. Congress did make several minor adjustments to the sequestration mandated cuts. For instance, funding was moved to the Department’s of Agriculture’s food inspection service and DoD’s tuition reimbursement program. Continue reading »
Live Webinar | Thursday, April 04, 2013 | 1PM Eastern
DCAA has made it clear to Congress that one of their top priorities will be addressing the extensive backlog of Incurred Cost Submissions. This news further emphasizes how important it is for government contractors to be aware of DCAA requirements.
Are you aware that DCAA has a newly updated submission? Do you know if you have a requirement to file an Incurred Cost Submission? Do you understand the DCAA Adequacy Checklist? If you answered “no” to any of these questions, this webinar will guide you through deciding if an Incurred Cost Submission is required, what is involved to prepare an adequate Incurred Cost Submission, and how best to prepare for an uncomplicated audit.
Learning Objectives Continue reading »
At first glance I thought I had accidentally gone to DCMA’s website instead of DCAA. It has a similar feel and look to DCMA’s website; however, it is just DCAA’s new look. This updated version is user friendly with the drop down tabs at the top and quick links. They organized all the checklists and Incurred Cost Submission model all under the new Checklist & Tools tab. The Guidance tab leads you directly to all of DCAA’s Audit Guidance Memos, the CAM, and a link to the FAR just to name a few. I also enjoy the Locator feature which allows contractors to find who their cognizant DCAA FAO is by CAGE code, DUNS code, or ZIP. Continue reading »
Aronson Capital Partners is a leading middle-market investment bank focused exclusively on the government services and technology industry. We invite you to read our February 2013 Newsletter, featuring the following topics:
- Continuing Resolution and Sequestration Update
- DoD Slows Contractor Payments
- Q4 2012 Government IT Services Earnings Calls
- Government Services Industry Performance
- Public Company Comparables Continue reading »
The Inspector General (IG) released the results of the 2010 Quality Assurance review of the Defense Contract Audit Agency (DCAA) on March 7, 2013. The results are not shocking as there is a 26% pass rate with 74% fail rate. DCAA did not exercise professional judgment on 37 out of 50 audit assignments reviewed. While the report is new the data released is old. DCAA has implemented a significant number of process improvements over the last 24 months that were not in place at the time of the review. This is a good time for you as a contractor to check out the new audit workplans and guidance that has been issued over the last 24 months. Obviously based on this report a lot needed to change at DCAA. We will not know the effectiveness of these changes for a few years. Continue reading »
In a recent Court of Appeals case (Berkshire Bank vs. Town of Ludlow MA and IRS, 1/11/2013) the Court ruled that an LLC owned by individual behind on his taxes was that individual’s alter ego. That is, the LLC and the individual were deemed to be one and the same, resulting in the assets of the LLC being available to satisfy the IRS tax debt.
Closely held businesses are in particular in danger of being seen as the alter ego of its owners. Common elements the IRS can use to find an alter ego relationship exists include Continue reading »
What We Are Writing
- A Marriage of Inconvenience: GSA Schedule Contracts & The Contractor Code of Business Ethics & Conduct Clause
- Emerging Small Businesses: To Grow Your Business, You Must Plan For Growth
- Government Contracting: Look Before You Leap!
- GSA Schedules – Strategies for Success
- New Employee vs. Independent Contractor Considerations
- Pay on Display – Understanding the Executive Compensation and Subcontractor Data Reporting Requirements & Ramifications
- The GSA Schedule: Your Ticket to the Federal Market (May 2010)
- The New FAR Codes of Conduct and Compliance Program Provisions
- The Seven Deadly Sins (of contract compliance)