practice alert


Government Contracting Industry Alert: Proposed Amendment to Business Systems Rule

August 18, 2014

The Government Accountability Office (GAO) recently issued a report that found the Defense Contract Audit Agency's (DCAA) inability to complete business systems audits was negatively impacting the Defense Contract Management Agency's… View

Government Contracting and Engineering Industry Alert: Highway Bill Passes Senate

August 1, 2014

Last night, the Senate approved a $10.9 billion bill that will fund highway programs until May 2015. Without this bill, a federal funding cutback of at least one-third would have started today. The plan will be funded by changes… View

Engineering Industry Alert: Take Action by July 18 to Oppose Changes to the Cash Method of Accounting

July 16, 2014

The most recent discussion draft from House Ways and Means Committee Chair Dave Camp (R-MI) still includes proposals that would restrict the ability of pass-through businesses to continue using the cash method of accounting. The… View

Construction Industry Alert: New Changes in Revenue Recognition Under U.S. GAAP

June 24, 2014

On May 28, 2014, the Financial Accounting Standards Board (FASB) released Accounting Standards Update No. 2014-09 (ASU 2014-09), which will result in substantial changes in revenue recognition under U.S. GAAP. This long-awaited… View

Keep an Eye on Key Upcoming Dates for the Pennsylvania EITC Program

May 7, 2014

As we transition to warmer weather, there is another seasonal process that should garner your attention. On May 15, 2014, qualified businesses will be allowed to file early applications for the Educational Improvement Tax Credit… View

Architecture & Engineering Industry Alert: U.S. Transportation Secretary Sends GROW AMERICA Act to Congress

April 30, 2014

We recently received the following press release about proposed transportation legislation from the Greater Valley Forge Transportation Management Association. If passed, we believe the legislation could significantly benefit… View

New Jersey Announces Two Voluntary Disclosure Initiatives Related to Corporation Business Tax and Gross Income Tax

March 6, 2014

New Jersey has announced that it will be running two voluntary disclosure initiatives to increase compliance with intangible holding companies and partnership reporting. Both initiatives will run from March 15, 2014 through… View

Construction Industry Alert: What Changes Have You Made to Your Accounting Policies Related to the IRS Repair Regulations?

February 18, 2014

In September 2013, the IRS released its final tangible property regulations (known as the repair regulations) which are effective for years beginning on or after January 1, 2014. These regulations clarify and expand the rules… View

Employee Benefit Plans Industry Alert: Department of Labor Audit Quality Study

January 23, 2014

The Department of Labor (DOL) has been conducting inspections of auditor work papers for several years and has noted a historical 32 percent deficiency rate and a trend of an increasing number of plans requiring audits with a… View

Manufacturing Industry Alert: Manufacturing Task Force Issues Report on Growing Manufacturing in the Greater Philadelphia Region

January 14, 2014

Last month, just ahead of the holiday season and in time for the New Year, the City of Philadelphia’s Manufacturing Task Force released Manufacturing Growth Strategy for Philadelphia, a detailed analysis with recommendations… View