GovCon In Focus Newsletter Archive
The GovCon In Focus | Summer 2016 Edition
MINIMUM SALARY FOR EXEMPT EMPLOYEES TO MORE THAN DOUBLE ON DECEMBER 1.
By Maureen R. Knight Esq.
Over the last several years, government contractors have had to modify their workplace and pay practices in response to numerous Executive Orders issued that apply to government contractors and their employees, including, for instance, a new hourly minimum wage (currently $10.15) for certain contractors; a “pay transparency” rule; and paid sick leave requirements that become effective in 2017. Come December 1, another significant change becomes effective, this time applying to all employers (not just government contractors) and dealing with how much exempt employees must be paid. Exempt employees are those to whom overtime does not have to be paid.
DON’T OVERLOOK 100 PERCENT DEDUCTIONS ON SOME MEALS AND ENTERTAINMENT
By Wayne Reesman, Tax Director, McGladrey
Most business meals and entertainment expenses are only 50 percent tax deductible and as a result, government contractors generally group these expenses together in their general ledgers so they are easily identified at tax time. What many of these companies fail to realize is that there are numerous exceptions to the 50 percent rule, and these exceptions can be particularly beneficial to government contractors.
FEDERAL RESERVE BANK OF RICHMOND ECONOMIC UPDATE
Snapshot is a monthly update of the Fifth District economy, published by the Regional Economics section of the Federal Reserve Bank of Richmond. Snapshot includes timely analysis of labor market, household, and housing market conditions at both the state and metro area level.
THE TOP 5 REGULATIONS YOU NEED TO KNOW
Avoid the Cost of Non-Compliance & Mitigate Your Risk
By Paul Davis, PHR, SHRM-CP, HR Consultant, Helios HR
If you’re a federal contractor in the District of Columbia, Maryland or Virginia you are already well aware of a variety of regulations that place additional requirements (and corresponding penalties for non-compliance) on your company. Luckily, there are steps you can take to mitigate your risk and ensure compliance with the law.
The GovCon In Focus | Spring 2016 Edition
KEEP YOUR EYES ON YOUR CASH
By Wallace Owings, CPA, CGMA
The goal of any business is to create profits for distribution to stakeholders or to be reinvested to stimulate growth. Revenue must be generated and then collected. Problems in collection lead to cash flow difficulty and are exacerbated by untimely expenditures.
It’s been estimated that most companies that experience bankruptcy are technically profitable when they are forced to close. The availability of cash is the culprit. Businesses that commit to monthly cash flow analysis are far less likely to fail than those that plan less frequently.
HR’S ROLE IN A LOWEST PRICE TECHNICALLY ACCEPTABLE ENVIRONMENT
By Krysta Gamble and Maureen Miller, Managing Partners The Verity Group, LLC.
The current government contracting environment is made up of agencies implementing lowest price technically acceptable (LPTA) policies to support conservative budgets. LPTA ensures that agencies select vendors who are the most cost effective while remaining technically acceptable.
HOW TO PROTECT YOUR BUSINESS FROM CORPORATE FRAUD
By Joel Charkatz, CPA, CVA, CFE
Fraud in the workplace is a serious problem for all organizations; most common thefts involve cash. Most fraud is ongoing with the average length of the crime being 18 months from inception to discovery. Studies indicate fraud is committed most often by well-educated professionals in senior positions and is affected by conditions within the organization. While a system of internal controls can certainly deter fraud from occurring it does not always prevent it entirely.
NAVIGATING THE VARIOUS OPTIONS FOR RESIDENTIAL MORTGAGE
By Peter Kebis
Over the last few years, there has been plenty of discussion about ongoing challenges of obtaining residential mortgage financing among owners of emerging government contractors. In this article, I discuss the key things you should understand and can prepare for when applying for a mortgage loan, especially as it pertains to larger loan amounts.