Preparing the Incurred Cost Submission Do you have the clause FAR 52.216-7 “Allowable Cost and Payment” in any of your contracts? If you do, you have a requirement to prepare an Incurred Cost Submission for your company and submit to your local DCAA office 6 months after your fiscal year end. Typically, this FAR clause...Continue Reading
On December 27, 2020, President Trump signed a $900 billion COVID-19 relief bill that provides additional economic relief to individuals and businesses who have been financially impacted by the pandemic. The CARES Act, which was passed March of 2020, included a stimulus payment worth up to $1,200 for individuals or $2,400 for couples. The most...Continue Reading
The Consolidated Appropriations Act, 2021 (the CCA, 2021), signed into law on December 27, 2020, is a further legislative response to the coronavirus (COVID-19) pandemic. The CCA, 2021 includes non-tax provisions and tax provisions primarily affecting individuals, as well as numerous business tax provisions briefly summarized in this article. The provisions are found in two...Continue Reading
Changes made by the Consolidated Appropriation Act, 2021 (CAA, 2021) include a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Details Included in New Legislation In general, the ordinary and necessary food and beverage expenses of operating your business are...Continue Reading
Just in time for Christmas, the U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill that provides additional stimulus payments to individuals, extends further weekly unemployment benefits and expands government aid to small businesses. The bill extends relief through mid-March of 2021 with the goal of providing support to help individuals...Continue Reading
Government contracting has a very specific issue we have to address with regards to how research is funded, and it’s an added level of due diligence for anyone who has government contracting as a business component. However, we’ve seen this due diligence missed in government contracting tax compliance, and it creates serious risks with claiming the R&D Tax Credit and...Continue Reading
Businesses and Non-Profits May Need to Complete New SBA Loan Necessity Questionnaire If your business or nonprofit borrowed $2 million or more under the Paycheck Protection Program (PPP), be aware that the Small Business Administration (SBA) has released a Loan Necessity Questionnaire that borrowers may be required to complete as part of the loan forgiveness...Continue Reading
As our firm looks to assist individuals and business owners with 2020 year-end tax planning strategies, it would be shortsighted to ignore the potential tax impact from the upcoming presidential election. The candidates have expressed starkly different positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. With the election only...Continue Reading
The President has approved the request by Florida Governor Ron DeSantis in the wake of hurricane Sally for a FEMA Disaster Declaration for Individual Assistance. The declaration allows anyone in Pensacola and greater Escambia County impacted by Hurricane Sally access to critical FEMA programs, including housing assistance, crisis counseling, disaster unemployment assistance, Small Business Administration...Continue Reading
All too often we hear of damage caused by floods, fires, and other natural disasters. Special tax law provisions may help taxpayers and businesses recover financially from the impact of a disaster, especially when the federal government declares their location to be a major disaster area. In general, taxpayers who suffer an economic loss due...Continue Reading
