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The BDO GovCon Week Ahead, August 2021 The SBA and Travel

Due to this, GSA has elected to freeze 2022 base lodging rates at the current 2021 level of $96 per night. Conversely, GSA has decided to bump the M&IE range to $59-$79 from its current $55-$76 range. As traveling continues to ramp up, it is expected that travel will continue to rise in 2022, Federal contractors should be aware of new per diem

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URL: https://www.bdo.com/insights/industries/government-contracting/the-bdo-govcon-week-ahead-august-2021

Treasury & IRS Issue Cross-Border Tax Guidance Amid COVID-19

(8 days ago) Treasury Department and the Internal Revenue Service issued guidance, outlined in IRS Newswire Issue Number 2020-77, that provides relief to individuals and businesses affected by travel disruptions arising from the COVID-19 emergency.

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Entering Private Airspace Tax Implications of Ownership

(3 days ago) The ability to travel on short notice and to remote destinations that are not serviced by major airports, while at the same time mitigating security concerns and experiencing unparalleled privacy, are some of the most common reasons. Add to this the increased focus on hygiene due to COVID-19 and the need to work uninterrupted during the flight

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BDO USA Welcomes FY22 Partner Class

(3 days ago) Fun fact: Between personal and business travel, I have visited 30 U.S. states, 20-plus countries and five continents. Return to the Top Robert Franco Tax Partner, Ft. Lauderdale Franco assists private and public companies as well as individuals with all aspects of …

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Coronavirus State and Local Fiscal Recovery Funds

(Just Now) Address Negative Economic Impacts: Address economic harm to local workers and industries such as tourism, travel, and hospitality by assisting in reopening businesses and organizations that were closed during the pandemic, make needed improvements to ventilation, provide physical barriers or partitions, provide signage, and restart planned

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Costs of Business Meals Still Deductible According to IRS

(5 days ago) Meals for employees on business travel remain at 50-percent deductible. Meals provided to employees for the employer’s convenience are now 50-percent deductible; previously they were 100-percent deductible. Office parties and picnics remain 100-percent deductible.

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Taxation of Personal Use of Company Cars Simplified by IRS

(3 days ago) TCJA Changes. TCJA expanded the availability of the two special rules by increasing the base amount for the cents-per-mile rule from $12,800 to $50,000 for all vehicles. TCJA also increased the base amount for the fleet-average value rule from $16,500 to $50,000, so that cars, trucks, and vans, even if fleet vehicles, are now all subject to the

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BDO Careers Executive Accounting Careers & Senior

(1 days ago) Positions We Hire For. With over 56,000 people working in offices across 144 countries, BDO delivers exceptional client service to one of the world’s most dynamic and wide-ranging client-bases. Positions We Hire For. Assurance. Tax.

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Considerations for Nonprofits in the Post-COVID-19

(6 days ago) Travel. Organizations that do hold meetings may continue to see reduced attendance. Organizations should look at event insurance to determine if they have the appropriate insurance in case of future cancellations. Technology improvements may be needed to offer meetings and other events virtually. Long-term remote work and learning

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Business & Technology Insights Thought Leadership BDO

(5 days ago) Impossible Travel – If a user signs in from Chicago and then signs in again 10 minutes later from Europe or Asia, the system flags this as a risk. It would be impossible for the user to travel between those two locations in 10 minutes so it is possible the account has been compromised.

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Year-End Reminder Regarding Common Fringe Benefits BDO

(5 days ago) The value of the company car used for personal travel must be treated (unless reimbursed by the employee) as additional wages on any frequency chosen by the employer up to and including an annual basis. Federal withholding tax on fringe benefit wage additions can be calculated as a combined total with regular wages or withheld at a flat 25

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Simplified Calculations for Disallowed Deductions BDO

(4 days ago) The employer pays for the executive’s air travel back and forth each week. Under long-standing IRS rules, New York City is the executive’s “tax home,” even though Florida is his or her personal home. Thus, the employer would include the expense of the executive’s commuting in the executive’s taxable compensation (i.e., in Boxes 1, 3

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BDO Careers for Students Benefits

(3 days ago) BDO's comprehensive compensation packages include, but are not limited to, the following benefits: Medical, pharmacy, dental, and vision coverage. Pretax transportation. 401k matching. Referral bonuses. Employee discounts for travel, cell phones, computers, and other purchases. Compensation may also include merit-based salary increases, as well

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Year End Reminder Regarding Common Fringe Benefits

(5 days ago) The value of the company car used for personal travel must be treated (unless reimbursed by the employee) as additional wages on any frequency chosen by the employer up to and including an annual basis. Federal withholding tax on fringe benefit wage additions can be calculated as a combined total with regular wages or withheld at a flat 25

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Significant Enhancements to the Employee Retention Tax

(1 days ago) Their operations were fully or partially suspended as a result of orders from a governmental authority limiting commerce, travel or group meetings due to COVID-19; or They experienced a significant decline in gross receipts during the calendar quarter compared to 2019. This article will assume eligibility based on full or partial suspensions.

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Safe Harbor Permits PPP and Other Exclusions from Gross

(9 days ago) The restaurants’ operations were fully or partially suspended as a result of orders from a governmental authority limiting commerce, travel or group meetings due to COVID-19, or; Their gross receipts for a calendar quarter decline by a certain percentage as compared to a prior calendar quarter.

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10 Common Self-Dealing Mistakes Private Foundations Make

(4 days ago) Simply put, if a person has influence over the decisions of the private foundation, it’s likely that he or she is a disqualified person. Sale, exchange or leasing of property. Lending of money or other extension of credit. Furnishing of goods, services or facilities. Payment of compensation or payment or reimbursement of expenses.

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Preparing for the Tidal Wave of Employee Mobility BDO

(3 days ago) For many, after being cooped up for over a year, the ability to accept a remote position and travel is more desirable. On top of this, employee burnout is at an all-time high, and employees are demanding a better work-life balance. Even prior to the COVID-19 pandemic, some countries had …

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5 Focus Areas Every Hotel Should Examine

(8 days ago) 5 Focus Areas Every Hotel Should Examine. The global pandemic has significantly impacted demand for hotels due to drastic shifts in travel for business and pleasure. Hotels that rely on revenue from conventions and corporate meetings, as well as from food and beverage services, have been hit particularly hard. Facing a shifting landscape, hotel

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What’s Next for Long-Term Incentives and Equity with a

(6 days ago) What’s Next for Long-Term Incentives and Equity with a Globally Remote Workforce? As we move into the era of a globally remote workforce, companies will need to review and potentially reconsider how they incentivize and compensate their employees. With this in mind, companies should evaluate their long-term incentive and compensation plans to

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Tax & Relocation Implications for the Mobile Workforce BDO

(8 days ago) The novel coronavirus that causes the disease COVID-19 has become a global issue. Since the virus was declared a pandemic by the World Health Organization (WHO), we have seen more border entry restrictions, quarantines and travel bans implemented to stop the virus’ spread. The evolving situation has made managing a mobile workforce more challenging.

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PCI Security Payment Card Industry Standards BDO Digital

(Just Now) The payment method is simple. The security risks are not. Organizations that have interaction with card data or work with companies that come in contact with card data are required to demonstrate how they are protecting their data.

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Staff Observations and During the Pandemic PCAOB Spotlight

(Just Now) Alternative means of supervision for other locations may also be necessary due to limits on travel and physical observation. Auditor Independence – The current environment may result in situations impacting auditor independence – e.g., unpaid auditor fees or calls for non-audit services.

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International Tax Issues Impacting Nonprofits Part 2 BDO

(1 days ago) If at the beginning of a foreign assignment, an employee is reasonably expected to be working abroad for less than one year, the organization may cover many travel expenses, like housing, cars and per diems, without any additional U.S. income to the US employee.

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CARES Act Employee Retention Credits for Nonprofit

(9 days ago) Operations were fully or partially suspended as a result of orders from a governmental authority limiting commerce, travel or group meetings due to COVID-19; or; The organization experienced a significant decline in gross receipts during the calendar quarter compared to 2019. Specifically, for 2020, gross receipts for the 2020 quarter decline

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Prepayment of Certain 2018 Expenses by Cash Basis

(4 days ago) Taxpayers may still generally deduct 50 percent of the food and beverage expenses associated with operating their trade or business (e.g., meals consumed by employees on work travel). For amounts incurred and paid after December 31, 2017, and until December 31, 2025, the provision expands this 50-percent limitation to expenses of the employer

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Coronavirus Could Bring New Pressures to Healthcare Industry

(1 days ago) On March 11, the World Health Organization (WHO) declared the coronavirus outbreak a pandemic, with numerous countries—including China, the Czech Republic, Hong Kong, Italy, Slovakia and the U.S.—announcing travel restrictions and public distancing measures.

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Portfolio Companies' Economic Stimulus Relief Incentives

(4 days ago) First, private equity-controlled hospitality and travel companies, those operating in food service industries (NAICS code 72) and franchises in the SBA’s Franchise Directory are not subject to the 500-Employee Test. Second, the SBA has published a list of maximum employees per industry, some of which include maximums in excess of 500 employees.

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2020-2021 CRO Insights Report Turnover Rates Still High

(8 days ago) Companies offer various travel perks, tools for connecting with colleagues and accelerated promotions (though HR professionals admit this is usually done in reaction to a potential loss rather than proactively). To retain talent, CROs should consider rethinking their approach to managing these specialized roles. These employees are well

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EMPLOYEE RETENTION CREDIT

(3 days ago) State or local government if they limit commerce, travel, or group meetings due to COVID-19 in a manner that affects an employer’s operation of its trade or business such as: • An order from the city’s mayor that all non- essential businesses must close for a certain period (for example, an order that all non -essential

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CORONAVIRUS: TAX & RELOCATION IMPLICATIONS FOR THE …

(9 days ago) travel bans and quarantines have made it more difficult to mobilize returns or find a safe haven. Stealth repatriations seem to be spiking, creating significant permanent establishment (PE) issues and challenges tracking and staying in touch with employees. Global mobility may be the last to learn of stealth repatriations,

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Missouri Is the Last State to Enact Sales Tax Economic Nexus

(1 days ago) Missouri: Final State to Enact Sales Tax Economic Nexus and Marketplace Legislation. On June 30, 2021, Missouri’s governor signed S.B. 153, enacting economic nexus and marketplace facilitator standards beginning in 2023. Missouri is the final state of the forty-five states that impose sales tax to implement economic nexus rules since Wayfair.

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How Auto Dealers Can Capitalize on Employee Retention Credits

(5 days ago) Operations were fully or partially suspended as a result of orders from a governmental authority limiting commerce, travel or group meetings due to COVID-19; or; The organization experienced a significant decline in gross receipts during the calendar quarter compared to 2019.

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A Deeper Dive Into ASU 2016-14 Implementation Issues

(5 days ago) Salaries, benefits, travel and other costs associated with the officer and staff responsible for the development and execution of investment strategy, and; Allocable costs associated with internal investment management and supervising, selecting and monitoring of external investment management firms. Excluded Items

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Common Fringe Benefits, Special Treatment for Shareholders

(5 days ago) The value of the company car used for personal travel must be treated as additional wages on any frequency chosen by the employer up to and including an annual basis, unless the employee reimburses the employer for such personal use. FIT withholding on fringe benefit wage additions can be calculated as a combined total with regular wages or

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Donor Advised Fund vs. Private Foundation BDO Nonprofit

(8 days ago) A DAF is prohibited from making a contribution to an individual, preventing them from making grants for travel, study or similar purposes. A sponsoring organization may, however, maintain a fund for this purpose, and the donor may be an advisor for this fund. A DAF may grant funds to the sponsoring organization’s scholarship fund.

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Deducting Expenses Related to Lobbying & Government Affairs

(9 days ago) IRC §162(e) disallows a tax deduction for lobbying expenditures. Many companies, however, are using an overly broad definition of “lobbying” to identify their nondeductible lobbying expenditures.

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PCAOB Guidance Outlook for 2021 Inspections BDO Insights

(3 days ago) As mentioned above, whether restrictions on travel or in-person interactions created issues with respect to adequate supervision and review of other auditors and how this may have been addressed. Within both publications referenced above, the PCAOB highlights a variety of other publications and guidance that it has issued to better inform

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How to Use Bots to Enhance Your Microsoft Teams Experience

(Just Now) Bots can be used personally or within a team. To add a bot for yourself, simply click on the bot you want and make sure to select Yes in the Add for you option. Then click install and set your preferences. To access your personal bot, click on more options (•••) and then the bot you just installed. You will now be in your personal bot screen.

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SBA Issues Guidance for Applying for Additional PPP Funds

(3 days ago) SBA Issues Guidance on How to Apply for More PPP Funds. January 2021. The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act or Act), signed into law on December 27, 2020 as a part of the Consolidated Appropriations Act, 2021, makes additional funds available under the Paycheck Protection Program (PPP) and

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ASC 606 Revenue Recognition Guide for the Insurance Industry

(Just Now) Examples include other operating costs such as rent, utilities, management costs, overhead costs, legal and other professional fees, technology costs, insurance related costs, communication and advertising, and travel and entertainment. Depreciation, amortization and change in estimated acquisition earnout payable are expensed as incurred.

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Coronavirus Strikes Nonprofits in More Ways Than One BDO

(6 days ago) From a shortage of masks and hand sanitizer, to CDC-imposed travel restrictions and the cancellation of conferences and other large events across the globe, this public health emergency is rapidly evolving and all sectors are having to navigate its …

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COVID-19: Mitigating Business Risk During Disruption

(2 days ago) But it’s how you respond to that risk that will determine whether you mitigate the fallout. Globally, COVID-19 is having a ripple effect throughout supply chains. Manufacturing operations continue to be hit hard, with many companies around the world forced to temporarily close facilities and travel restrictions hampering cross-border commerce.

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BDO USA Tax Publications Feed

(4 days ago) Businesses are reevaluating their needs for travel, talent acquisition and office space. Some have even transitioned away from the physical office entirely and opted to work 100% remotely. Businesses suited for remote work may be looking to hire the right person for the job, regardless of location; however, the ability to adopt a hybrid or

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CONTACT: INCREASED TAX OPPORTUNITY TO DEFER SALES …

(5 days ago) cases, the taxpayer may provide non-integral services such as automotive repair, photography studio, or travel-related services. In the restaurant and hospitality industry, gift cards are often redeemable for services (for example, spa treatments, meals at a restaurant) and for merchandise sold at the location or online (for example, souvenirs or

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COVID-19 FAQ Private Equity Expert Insights & Resources

(2 days ago) First, private equity-controlled hospitality and travel companies, those operating in food service industries (NAICS code 72) and franchises in the SBA’s Franchise Directory are not subject to the 500-employee test. Second, the SBA has published a list of maximum employees per industry, some of which include maximums in excess of 500 employees.

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