Federal Government Expands Preferred Vendor Program
The Small Business Administration recently announced an expansion of the businesses eligible for their Historically Underutilized Business Zone (HUBZone) program. The federal government has established a goal of annually awarding 3% of federal contract dollars to HUBZone certified businesses. Being a HUBZone certified business has other government contracting advantages including bidding on contracts limited to certified businesses, receiving preferential treatment for open contracts; and getting a 10% price evaluation preference in open contract bidding. (more…)
FBAR: Courts Review Foreign Account Reporting Rules
Several recent court cases could have important implications for businesses and individuals who maintain accounts in foreign banks, brokerages, or other financial institutions.
In one case, the U.S. Supreme Court significantly curtailed the potential penalties for account holders who inadvertently fail to comply with reporting requirements related to their foreign accounts. That decision has generated hope among other petitioners who have incurred penalties in similar cases.
Any taxpayer with a foreign financial account should be aware of these easily overlooked reporting requirements and the recent court rulings that could affect them. (more…)