Government Contracting

It is essential for a provider of goods or services to the government to understand the government contracting industry regulations and standards. We recognize the importance of complying with government standards and provide sound, pertinent advice to our clients. We have experience with the Federal Acquisition Regulation (FAR) and helping new businesses in need of assistance with the government procurement process. We are committed to guiding you on this important first step in becoming a supplier to the government.

Government Contracting Industry Services We Provide: 

• Plan, calculate and forecast your direct and indirect rates

• Assist you in understanding the FAR and how it relates to your contracts

• Prepare your annual incurred cost submission

• Set up and review your accounting system to ensure compliance with the FAR

• Set up your time and billing system in accordance with the FAR

• Manage various DCAA audits including pre and post award audits, accounting system reviews, and audits of your incurred cost submissions

• Provide overhead rate audits as required by various government agencies

• Review executive compensation structure and FAR allowability by examining comprehensive salary surveys

• Prepare and submit bid proposals

• Provide interim and year end financial statements

• Develop comprehensive income tax management strategies

• Prepare interim and year end tax projections

• Provide income and estate tax planning for executives and business owners

• Perform analysis of sales, use, excise and personal property tax savings

• Prepare income tax returns

• Perform strategic planning

• Plan for business continuity and succession

PPP Forgiveness: Dramatic Changes This Week

By Hertzbach | June 4, 2020

On June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020 (the Act). The bill, which is expected to be signed into law soon, makes significant changes to the Paycheck Protection Program (PPP). Those involved with the PPP have had to deal with significant delays in awaiting vital guidance from the…

IRS Provides Updated FAQS for Corporate Net Operating Loss Carrybacks

By Tax Department | June 4, 2020

Over the past week the IRS has posted several updates to its Frequently Asked Questions spanning multiple topic areas.  One of these updates included additional information and clarification regarding Corporate Net Operating Loss carrybacks and interplay with Alternative Minimum Taxes.  The CARES Act provides C corporations with a 5 year carryback period for NOLs in…

PPP Loan Forgiveness: The Two New Interim Final Rules & What’s Next for Borrowers

By Hertzbach | June 3, 2020

On May 22nd, the Small Business Administration (SBA) issued the fourteenth and fifteenth Interim Final Rules, which add to what is known about Paycheck Protection Program (PPP) loan forgiveness and the SBA and lender review process. The fourteenth Interim Final Rule, “Requirements – Loan Forgiveness” focuses on, as the name suggests loan forgiveness, and the…

Maryland Business Owners Getting Around Federal SALT Deduction Cap? (and Maryland Paper Return Processing)

By Tax Department | May 30, 2020

Pass-Through Entity-Level Tax 2020 Maryland Senate Bill No. 523 of Maryland’s 441st Session of the General Assembly will become effective on July 1, 2020. For tax years beginning on or after January 1, 2020, pass-through entities (PTE) will be allowed to elect entity-level taxation. This effectively allows taxpayers to avoid the $10K state and local…

Have You Considered the Employee Retention Credit?

By Hertzbach | May 27, 2020

If you did not receive a Paycheck Protection Program loan, you may want to consider the CARES Act Employee Retention Credit. The Employee Retention Credit (ERC) may offer a tax credit up to $5,000 per employee for wages paid from March 13 to December 31, 2020. It’s one of the relief programs within the Coronavirus…

IRS Increases Health FSA Carryforward Limit and Cafeteria Plan Flexibility

By Hertzbach | May 19, 2020

In response to the changes caused by COVID-19, the IRS has provided additional flexibility for health flexible spending accounts (FSA’s), dependent care assistance programs, and employer health plans. Many employees take advantage of these programs (collectively known as “cafeteria plans”) to set aside pre-tax money for medical and dependent care expenses. However, decisions regarding these…

SBA Issues PPP Loan Forgiveness Guidance

By Hertzbach | May 18, 2020

Click here for the Paycheck Protection Program – Loan Forgiveness Application The Small Business Administration (SBA) has issued the first major source of guidance surrounding Paycheck Protection Program (PPP) loan forgiveness via their Paycheck Protection Program Loan Forgiveness Application. The PPP provides funds to eligible borrowers in the form of loans, which are up to…

SBA Extending Repayment Date for Safe Harbor to May 18, 2020

By Marketing | May 14, 2020

The U.S. Small Business Administration (SBA) issued a new interim final rule on 5/13/20 allowing lenders to increase existing Paycheck Protection Program (PPP) loans to partnerships and seasonal employers. The SBA also extended the safe harbor for returning PPP loans from May 14 to May 18. 47. Question: An SBA interim final rule posted on…

Employer Withholding Requirements & Income Sourcing

By Tax Department | May 14, 2020

Employer Withholding Requirements Maryland employer withholding requirements are not affected by the current increase in teleworking because tax-ability is determined by the employee’s physical presence. Employer withholding is generally required for employees who are: Maryland residents Maryland non-residents receiving Maryland-sourced income Maryland- sourced income:  compensation for services performed in Maryland Teleworking in Maryland is Maryland-sourced…

Stimulus Payments to Deceased Taxpayers

By Hertzbach | May 13, 2020

As taxpayers receive their stimulus payments under the Coronavirus Aid, Relief and Economic Security Act of 2020 (CARES Act), there may also be surprise and confusion along with it. In recent days and weeks, people have taken to social media with stories of deceased relatives receiving a stimulus payment. As can be expected, people are…

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