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Federal Contractors Now Subject to 15 “Basic Safeguarding” Cybersecurity Requirements – Are You Ready?

By Neal W. Beggan, CISA, CRMA, CRISC Cherry Bekaert LLP Risk Advisory Services Nearly four years following an initial ruling on IT security and data classification proposed by the combined efforts of the Department of Defense (DoD), NASA, and General Services Administration (GSA) comes a revised ruling tailored more towards the future of Federal contracts. On June 15, 2016, a new set of cybersecurity measures were enforced in order for contractors and consultants across a wide span of industries be able to better attain the “basic safeguarding” of their systems that house, process, and export the newly established classification of. Read More.

Transition Relief to Retroactively Claim Work Opportunity Tax Credits

Work Opportunity Tax Credits (“WOTCs”) are federal tax credits that are available to your business if you hire individuals from certain targeted groups, including veterans, food stamp recipients, recipients of Temporary Assistance for Needy Families, and individuals who have been unemployed for more than 26 weeks. The credits you may receive range from $1,200 to $9,600 per qualified hire, depending on the targeted group. Certain state tax credits may also apply. WOTCs can be used to offset your regular or alternative minimum tax. However, before claiming a credit, you must generally screen employees on or before the date of hire,. Read More.