See what's new in government contract accounting this month!
February 2023 Issue
Are Employee Gifts Taxable?
As a business owner, giving employee gifts and other fringe benefits is something that you are familiar with. However, your good intentions may backfire if you do not understand the tax implications of gift-giving.
As of January 1st, three new states - California, Rhode Island, and Washington - joined the chorus of states, cities and counties enacting salary transparency laws intended to give workers more leverage to negotiate their earnings and close wage gaps.
The Corporate Transparency Act (CTA) creates a new reporting requirement for nearly every small business. The CTA becomes effective January 1, 2024.
The final rule issued in September 2022, requires most small businesses registered with a state as a corporation, limited liability company, or other corporate structure to disclose the identity of its beneficial owners. It is a one-time disclosure unless there is a change in ownership.
If a government contractor incurs business travel costs, then all the costs should be fully allowable, right? Not necessarily, the federal government provides guidance on allowable travel expenses in the Federal Acquisition Regulations (FAR) - FAR 31.205-46.
The staff at CJA is going underground from March 1-7 to focus on preparing tax returns for our business clients. We may not be able to reply to your email or phone call until March 8. Thank you for your patience and understanding.
Cheryl Jefferson & Associates, LLC is a 100% virtual CPA firm.
