Gross Mendelsohn Blog | Government Contractors

FASB Issues Guidance on How to Account for Related Party Leases

By: Marie Calabrese April 27, 2023

There’s new guidance for businesses and nonprofits that are subject to the relatively new lease accounting standard.

Beware of Employee Retention Credit Scams

By: David Leipnik March 22, 2023

If advertisements about the Employee Retention Credit (ERC) have grabbed your attention, you’re not alone. Scammers have jumped on the opportunity to convince business owners to claim this potentially lucrative tax credit. Here’s what you need to know about the ERC, who qualifies and how to avoid falling victim to a scam.

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Government Contractors

New Cyber Security Regulations Issued by Veterans Affairs

By: Jennifer Lemons February 27, 2023

Government contractors who do business with the Veterans Affairs Administration (VA) will soon have a great deal of increased cyber security and data privacy responsibilities after the VA recently updated cyber security compliance regulations. These new regulations better protect sensitive VA-related data stored in a contractor’s IT systems. The VA Acquisition Regulation (VAAR) is increasing focus on immediate breach notification requirements, the liquidated damages related to those breaches as well as unscheduled and intermittent site visits to inspect the IT systems housing the VA-related data. Contractors need to be in compliance with the new regulations in order to avoid the possible heavy penalties.

QuickBooks Desktop 2020 to be Discontinued

By: Lina Vaz February 24, 2023

Intuit recently announced that it will discontinue service for QuickBooks Desktop 2020 as of May 31, 2023. If you use QuickBooks Desktop 2020, you have some decisions to make. Let’s look at how this will impact your business and what your options are as May 31 approaches.

2023 Payroll Update

By: Dawn Ebeling January 27, 2023

Social Security & Medicare Tax As of January 1, 2023, the maximum amount of annual earnings subject to the Social Security increases to $160,200 (from $147,000 in 2022). There is no limit on the amount of earnings subject to the Medicare tax. The maximum Social Security tax to be deducted from an employee’s compensation during 2023 will be $9,932.40 (6.2% x $160,200).

Significant Retirement and Tax Changes in the Secure 2.0 Act of 2022

By: Chris Wehner January 24, 2023

The SECURE 2.0 Act of 2022 (“Secure 2.0”) was passed on December 29, 2022 and focuses primarily on enhancing retirement plan incentives for individual taxpayers. Let’s review some key provisions of the bill and how they could impact you and your business.