Records Retention, Audit Rights and Statute of Limitations Webinar
This webinar discusses the basics of what government contractors need to know about records retention and government requests for records. John Carpenter, Leader of Cherry Bekaert’s Government Contractor Services Group and John Ford, a Senior Consultant in the Government Contractor Services Group offer their expertise and advice on the following topics: Records Retention Periods for Contractors Types of Records Government Rights to Audit those Records Statute of Limitations
New Revenue Recognition Standards Are On the Way
The government contracting industry could find itself accounting for revenue under the new revenue recognition standards, Accounting Standards Update (ASU) No. 2014-09, as result of a joint project from the Financial Accounting Standards Board (“FASB”) and the International Accounting Standards Board (“IASB”). The good news to the government contracting industry is that the revenue recognition standard isn’t set to become effective for U.S. Generally Accepted Accounting Principles (GAAP) reporters until the first interim period within annual reporting periods beginning after December 15, 2016, for public entities, and after December 15, 2017, for non-public entities with no early adoption permitted. The. Read More.
Department of Defense Dinged for Management of Flexibly Priced Contracts
In a report recently issued by the Department of Defense (“DoD”) Office of the Inspector General (“IG”), the IG reiterated that the DoD is not adequately preparing for, issuing, and managing cost-reimbursable and other flexibly priced contracts. This report, Report No. DODIG-2015-029, follows on the heels of four service/agency specific reports issued by the IG over the past year and a half, which scrutinized the use and management of flexibly priced contracts by the Air Force (Report No. DODIG-2013-059), Army (Report No. DODIG-2013-120), Missile Defense Agency and Defense Microelectronics Activity (Report No. DODIG-2014-011), and Navy and Marine Corps (Report No.. Read More.
Recent Protest Decisions Concerning Joint Ventures and Teaming Agreements
Within the last several months, the Government Accountability Office (“GAO)” has issued decisions in bid protests that affect offerors submitting proposals as joint ventures and in accordance with the terms of a teaming agreement. This article will briefly discuss the significant points concerning those decisions and the lessons to be learned from them. We start with Aljucar, Anvil-Incus & Co., B-408936 (January 2, 2014). This decision involved a protest against the terms of General Services Administration’s (“GSA”) One Acquisition Solution for Integrated Services (OASIS) solicitation. The OASIS Request for Proposal (RFP) consisted of two portions: an unrestricted portion and a. Read More.
Reduce Your Personal Property Taxes by Focusing on What Your Company Capitalizes
At most companies, paying personal property taxes is simply a fact of life. Your taxes go up as you acquire property and drop as that property depreciates. If the equipment and other property on your books are overvalued, however, you are almost certainly paying too much tax. While each company faces different tax challenges, you can utilize a number of strategies to reduce your company’s property taxes. Intangible Costs When you purchase new equipment, ask your vendor to provide an itemized bill that details the tangible and intangible costs. In some jurisdictions, you may not owe property tax on the. Read More.
Identity Theft from a Tax Perspective
“It won’t happen to me…” “My information is under lock and key…” “That sort of thing only happens to other people…” Identity theft has become a multi-billion dollar racket to which more and more people are falling prey. It’s big business for the criminals who seek to steal your identity for profit. From 2008 to 2013, the number of identity theft-related crimes investigated by the Federal Bureau of Investigation (“FBI”) resulted in more than 1,600 convictions, $78.6 billion in restitutions, $4.6 billion in recoveries, and $6.8 billion in fines. The purpose of this post is to focus exclusively on tax-related. Read More.