Employee Retention Credit: Moratorium, Withdrawals, and March 22 Deadline for Voluntary Disclosure Program
The Employee Retention Credit (ERC)—sometimes called the Employee Retention Tax Credit or ERTC—is a refundable tax credit for certain eligible businesses and tax-exempt organizations that had employees and were affected during the COVID-19 pandemic. Amid growing concerns about aggressive marketing and scams involving fraudulent activity, the Internal Revenue Service (IRS) has announced several initiatives aimed at helping small businesses concerned about an ineligible ERC claim. In this client alert, PilieroMazza summarizes key points of the ERC and important considerations to . . . Read More
Keys to Avoiding GAO’s Timeliness Trap
GAO’s recent decision in Marathon Medical Corporation provides a cautionary tale for government contractors seeking to protest the terms by which an agency conducts a procurement. Specifically, Marathon reinforces a little-known rule: the Government Accountability Office considers an agency’s receipt of proposals to be adverse agency action in response to an agency level protest challenging the terms of a solicitation, and the ten-day rule for filing a subsequent protest at GAO begins running from the date on which the agency . . . Read More
PilieroMazza Annual Review: What DOJ’s Annual FCA Report Means for Government Contractors
What DOD’s Final DFARS Rule Means for Defense Contractors, American Manufacturing, and Protecting the Nation’s Supply Chain
On February 15, 2024, the Department of Defense (DOD) issued a final rule amending the Defense Federal Acquisition Regulation Supplement (DFARS) to implement Executive Order (EO) 14005, Ensuring the Future Is Made in All of America by All of America’s Workers, and strengthen Buy American Act (BAA) domestic preferences in DOD procurements. Below, PilieroMazza explains the final rule’s implications for defense contractors in the manufacturing sector and safeguarding the defense industry’s supply chain. Evolution of BAA Domestic Preference Rules The DOD’s final . . . Read More
SBA’s 8(a) Program Again Challenged and the Potential Impacts on Native Owned Entities
The Small Business Administration’s (SBA) 8(a) Business Development Program (8(a) program) faced new constitutionality challenges in a case filed at the U.S. Court of Federal Claims (COFC) by Advanced Simulation Technology Inc. (ASTi). ASTi protested a contract awarded to an Alaska Native Corporation (ANC) alleging, among other things, that the entire tribal 8(a) program is unconstitutional. While this case will likely be dismissed for reasons wholly unrelated to the constitutionality challenge, these allegations are sure to be raised again by . . . Read More
Focus on S Corporations, Part 3: Tax Implications and Special Considerations in S Corp Acquisitions
Acquiring a business can be a strategic move to grow, diversify, or compete in the market. Acquisition also involves significant tax implications that can affect the value and structure of the deal. Therefore, it is crucial for buyers and sellers to understand the tax consequences of different types of acquisitions and plan accordingly. In Part 3 of PilieroMazza’s blog series “Focus on S Corporations,” we highlight key elements of an S Corp acquisition that buyers and sellers should address to . . . Read More
Federal Judge Orders Minority Business Development Agency to Serve All Business Owners Regardless of Race
On March 5, 2024, a federal judge ordered the Department of Commerce’s Minority Business Development Agency (MBDA) to immediately stop considering a business owner’s race or ethnicity in determining whether an applicant may receive business-related benefits and services from MBDA Business Centers nationwide, including assistance with accessing capital and pursuing government contracting opportunities. [1] Judge Mark T. Pittman, U.S. District Judge for the Northern District of Texas, ruled that MBDA’s use of the presumption that certain individuals—including African Americans, Latinos, American . . . Read More
Weekly Update for Government Contractors and Commercial Businesses – March 7, 2024
If you have questions concerning the content below, please visit this link . Upcoming Events: Register to attend PilieroMazza’s upcoming events here . Recent Thought Leadership: Check out PilieroMazza’s recent client alerts and blogs here . Podcasts: Listen to PilieroMazza’s podcasts GovCon Live! here and Clocking in with PilieroMazza here . GOVERNMENT CONTRACTS House Passes $460 Billion Package of Spending Bills. Senate Expected to Act Before Shutdown Deadline, Federal News Network The House passed a $460 billion package of spending bills Wednesday that would keep money flowing to . . . Read More
Decoding the 2024 NDAA: Implications for Defense Contractors Small and Large
The National Defense Authorization Act (NDAA) for Fiscal Year 2024 (FY24), signed into law on December 22, 2023, signals significant changes across the defense acquisition and contracting landscape. These changes are poised to reshape how the Department of Defense (DOD) engages with contractors, emphasizing transparency, accountability, and fairness. PilieroMazza examines key themes and provisions in the NDAA that DOD government contractors (small and large) should know to take advantage of contract opportunities and maintain compliance requirements. Background The NDAA is annual . . . Read More
Focus on S Corporations, Part 2: Inadvertent Termination of S Corporation Elections
The IRS recently provided guidance addressing inadvertent terminations of S Corporation (S Corp) status based on existing provisions in corporate documents that remain after a company makes an S Corp election. This can be a complex legal task that aims to harmonize documents for clarity and consistency in their interpretation and application. In this Part 2 of the blog series “Focus on S Corporations,” PilieroMazza offers guidance to businesses on how to make corrections after an S Corp election to . . . Read More