CPAs and Advisors with a Growth Agenda

Government Contractors

DoD and GSA Request Comments to Improve Cybersecurity in Federal Acquisitions

In November 2013, the Department of Defense (“DoD”) and General Services Administration (“GSA”) released a joint report in accordance with Executive Order (“The Order”) 13636: Improving Critical Infrastructure Cybersecurity, on ways to align federal cybersecurity risk management and acquisition processes. The Order, issued in February 2013, had directed Federal agencies to use their existing resources and increase cooperation with the private sector to provide stronger protections for cyber-based systems both in the private and public sectors. The report outlines that a major impediment to how cybersecurity is addressed in federal acquisitions is due to differing priorities of cyber risk management. Read More.

Webinar: Compensation of Contractor Employees

Earlier this week, Cherry Bekaert (“the Firm”) International Tax Partners Jim Dawson and Bill Major presented a webinar concerning tax breaks through the use of IC-DISCs. Entitled “Permanent Tax Savings with the IC-DISC for Export Activities,” the Firm-sponsored webinar focused on ways manufacturing companies that sell goods abroad can save on federal taxes with an IC-DISC. Other areas Dawson and Major touched on included, but weren’t limited to: how companies can qualify for IC-DISC benefits, which activities are eligible for tax-saving purposes, and examples of industries and companies that Cherry Bekaert has helped implement IC-DISCs.

Determining if Prices Offered for Orders under GSA Schedule Contracts are Fair and Reasonable

On March 13, 2014, the U.S. Department of Defense (“DoD”) issued class deviation 2014-O0014, Determination of Fair and Reasonable Prices when using Federal Supply Schedule Contracts. This deviation changes the way DoD contracting officers are to apply Federal Acquisition Regulation (“FAR”) 8.404(d) when placing orders against General Services Administration (“GSA”) schedule contracts or orders placed under Blanket Purchase Agreements (“BPAs”) issued pursuant to GSA schedule contracts. The deviation was effective immediately and is to remain in effect until incorporated into the Defense Federal Acquisition Regulation Supplement (“DFARS”), or is otherwise rescinded. FAR 8.404(d) states in relevant part that: GSA has. Read More.

New OMB Guidance Leads to Changes in Cost Principles

On December 26, 2013, the Office of Management and Budget (“OMB”) issued the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards for state and local governments, nonprofit entities, institutions of higher education and trial governments. This guidance (also referred to as the “Supercircular”) supersedes the requirements from eight OMB Circulars down into one. As a result of this circular, there will be changes to the cost principles previously specified under OMB Circulars A-21, A-87 and A-122. The final guidance related to the cost principles, located at Subpart E-Cost Principles in 2 CFR Parts 200, 215 and 225,. Read More.

Webinar: Permanent Tax Savings with the IC-DISC for Export Activities

Earlier this week, Cherry Bekaert (“the Firm”) International Tax Partners Jim Dawson and Bill Major presented a webinar concerning tax breaks through the use of IC-DISCs. Entitled “Permanent Tax Savings with the IC-DISC for Export Activities,” the Firm-sponsored webinar focused on ways manufacturing companies that sell goods abroad can save on federal taxes with an IC-DISC. Other areas Dawson and Major touched on included, but weren’t limited to: how companies can qualify for IC-DISC benefits, which activities are eligible for tax-saving purposes, and examples of industries and companies that Cherry Bekaert has helped implement IC-DISCs.

New OMB Guidance Leads to Changes in Single Audit Requirements

On December 26, 2013, the Office of Management and Budget (“OMB”) issued the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, for state and local governments, non-profit entities, institutions of higher education and trial governments. This guidance (also referred to as the “Supercircular”) supersedes the requirements from eight OMB Circulars down into one. As a result of this circular, there will be changes to the single audit requirements previously specified under OMB Circular A-133, Audits of States, Local Governments and Non-Profit Organizations. The final guidance related to the Single Audit, located at Subpart F-Audit Requirements in 2. Read More.