This is the first issue of the GCNewsletter for 2007. It is our intent to provide you with this valuable newsletter on a monthly basis throughout the year. Your feedback and suggestions for content are welcome as we go forward. We continue to invite you to visit our website at www.GaffeyCPA.com where you can learn more about the government contracting services available from the Government Contracting Services Group, access previous issues of the GCNewsletter and the GCAlert, and review White Papers and presentations on various subjects of government contracting interest.
We hope that you will keep us in mind as government contracting and compliance issues arise.
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Sam Davidson - Principal
Government Contracting Services Group
703-748-5816
Samuel.Davidson@GaffeyCPA.com |
| U.S. HOUSE PASSES GIFT BAN |
On January 4, 2007, the U.S. House of Representatives adopted rules to govern the House for the 110th Congress. Included in the rules package were several measures aimed at government ethics reform, including gift bans, restrictions on privately funded travel, and earmark reform. This client alert deals with the gift ban--a strict new rule that will affect any corporation or trade association that employs or retains a registered federal lobbyist...
| 3% TAX WITHHOLDING LEGISLATION |
Section 511 of the Tax Increase Prevention and Reconciliation Act of 2005 (P.L. 109-222) mandates that with all payments beginning after December 31, 2010, federal, state and local governments withhold as tax 3 percent of all payments to contractors for goods and services. This provision was enacted due to a concern that some federal contractors were not complying with their tax obligations. It does not apply to State and local government contracting expenditures of less than $100 million or to classified contracts...
Do you have the following insurance coverage? Do you need the insurance coverage you have? If so, is the coverage you have appropriate? ...
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| PROPOSAL WRITING: CRITICAL REMINDERS-DO'S AND DON'TS |
Every year U.S. government agencies award contracts for products and services worth hundreds of billions of dollars. It is important to note two important facts: 1) that some awards are made as “sole source” (i.e., non-competitive) to one particular company or organization; and 2) that the majority of contract awards are made on a competitive basis to the bidder whose submission is considered superior to all other bids or, in the case of a multiple award contract, to the multiple bidders whose bids are evaluated as superior.
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| CONTRACTOR TRAINING AND CERTIFICATION |
DoD is proposing to amend the Defense Federal Acquisition Regulation Supplement (DFARS) to address training requirements that apply to contractor personnel who perform information assurance functions for DoD. The rule provides that contractor personnel accessing information systems must meet applicable training and certification requirements...
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| FACILITIES CAPITAL COST OF MONEY RATE |
The Facilities Capital Cost of Money, Prompt Payment Act and Contract Disputes Act interest rate applicable for the period January 1, 2007 through June 30, 2007 is 5.25% per annum. This rate of interest was published in the Federal Register, Volume 71, Number 250, pages 78513-78514 on Friday December 29, 2006. The previous rate applicable for the period July 1, 2006 through December 31, 2006 was 5.75%. These interest rates and historical interest rates dating back to January 1980 can be found at www.patriotsbonds.com/opd/opdprmt2.htm
| PRIVATELY OWNED VEHICLE (POV) MILEAGE REIMBURSEMENT RATES |
The reimbursement rate for the use of privately owned automobiles has increased from $0.445 cents per mile to $0.485 cents per mile effective February 1, 2007. Less than five years ago this rate was $0.365 cents per mile, almost 25% lower than today.
All other POV mileage rates for 2007 have been in effect since January 1, 2007. These rates are: Airplane - $1.07 per mile; and Motorcycle - $0.305 cents per mile.
CONSOLIDATED CIVILIAN BOARD OF CONTRACT APPEALS |
Effective January 7, 2007 the GSA, Agriculture, Energy, Housing and Urban Development, Interior, Labor, Transportation and Veterans Affairs Boards of Contract Appeal have been consolidated into the newly created Civilian Board of Contract Appeals (CBCA) established by section 847 of the National Defense Authorization Act for Fiscal Year 2006 (PL 109-163). Besides the CBCA there is the previous Armed Services Board of Contract Appeals (ASBCA), the Postal Service Board of Contract Appeals and the board of contract appeals of the Tennessee Valley Authority.
The CBCA mailing address is 1800 F Street, NW, Washington, DC 20405. They can be reached at 202-606-8800. Their internet address is www.gsbca.gsa.gov .
If you are ever forced to withdraw money from an ATM machine you can notify the police by entering your PIN# in reverse. The ATM machine recognizes that your PIN number is backwards from the ATM card you placed in the machine, will give you the money requested and immediately notify the police.
| CAREERS AT GAFFEY & ASSOCIATES, PLC |
The Government Contracting Services Group of Gaffey & Associates is looking for individuals interested in becoming a part of our exciting and rapidly growing consulting practice. A college degree is required. Experience in government contract cost accounting, the FAR and CAS is a positive. CPA and/or DCAA experience a plus but not required. Contact Sam Davidson at samuel.davidson@gaffeycpa.com .
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