The Financial Accounting Standards Board (FASB) just authorized an Accounting Standards Update (ASU) that will defer the implementation of three accounting standards for private companies. The standards involve accounting for leases, credit losses and hedging.
Business owners and financial executives now have one more thing to keep track of – making sure payroll taxes are actually getting paid to tax authorities. With so many businesses relying on outside parties to process paychecks and pay employment taxes, millions of dollars pass through the hands of payroll companies every day. But are those millions of dollars making it into workers’ paychecks and, just as important, being sent to federal and state tax authorities?
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Government contractors and GSA acquisition personnel will have more time to understand and participate in the Transactional Data Reporting (TDR) pilot. GSA just announced that the TDR pilot has been extended through FY2020.
The Maryland Department of Commerce is helping defense contractors grow their businesses, increase profits and find new opportunities. The Maryland Defense Diversification Assistance (MDDA) program seeks to help defense contractors diversify into new markets. Diversification is important for defense contractors given the unpredictability of procurement trends of the United States Department of Defense (DoD).
Government contractors have a new official source for wage determination data: beta.SAM.gov. WDOL.gov, short for Wage Determinations Online, was retired last week. All wage determination data can now be accessed through beta.SAM.gov, which features significant improvements over the old site.
The U.S. Department of Labor recently updated the National Labor Relations Act (NLRA) rights poster, which federal government contractors and subcontractors are required to display.