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As a small business owner, you probably have heard of the NAICS code, but may not know what it means and what it is used for. Read more about the NAICS numbering system at the US Census Bureau. http://www.census.gov/cgi-bin/sssd/naics/naicsrch?chart=2007
Some federal and state agencies require businesses to have a NAICS code for administrative, contracting, and tax purposes. If you are working with a particular federal agency or state agency, you can ask if you need one. Federal Compliance Contacts and Resources: http://business.g...ov/business-law/contacts/federal/
The steps you need to take before bidding on federal procurements:
Step 2a: Register Your Business with the federal government's Central Contractor Registration (CCR), the primary database of vendors doing business with the federal government. Federal acquisitions regulations require all prospective
vendors to be registered in CCR prior to the award of a contract; basic agreement, basic ordering agreement, or blanket purchase agreement.
https://www.bpn.gov/ccr/default.aspx
Step 2b: Fill out the Online Representations and Certifications Application (ORCA),in which you provide additional information about your company and its business activities. The Federal Acquisitions Regulations, Section 52.212-3, Offeror Represen...tations and Certifications - Commercial Items, explains the information that you'll be asked on ORCA. https://orca.bpn.gov/login.aspx
Step 3: Obtain Past Performance Evaluations. Businesses interested in getting on a GSA schedule contract, should obtain an Open Ratings, Inc. Past Performance Evaluation. https://prod.openratings.com/spe/order
AROCHO LAW OFFICE ALERT: HIRE ACT
March 30, 2010
The Hiring Incentives to Restore Employment Act
The 2010 Hiring Incentives to Restore Employment (HIRE) Act was signed into law by President Obama on March 18, 2010. To encourage employers to hire new employees, this Act exempts qualified employers, including nonprofits, from paying the employer’s share of the social security employment taxes (6.2 percent of the first $106,800 of wages) for wages paid in 2010 for any new employee hired after February 3, 2010, and before January 1, 2011. The exemption is for the nonprofit’s share of Social Security taxes on wages paid to these workers after March 18, 2010. However, the new employee must have been (1) previously unemployed and (2) does not replace another employee of the employer. The new employee cannot be a family member or other relatives of fiduciaries of the nonprofit.
This reduced tax withholding does not effect the employee’s future Social Security benefits, and employers would still need to withhold the employee’s 6.2-percent share of Social Security taxes and income taxes. The employer and employee’s shares of Medicare taxes would also still apply to these wages.
Furthermore, the new law requires that the nonprofit employer get a statement from each eligible new hire certifying that he/she was unemployed during the 60 days before beginning work or, alternatively, worked fewer than a total of 40 hours for someone else during the 60-day period. The IRS is currently developing a form employees can use to make the required statement.
IRS, IR-2010-33: http://www.irs.gov/newsroom/article/0,,id=220326,00.html
For more information regarding the 2010 HIRE Act, please contact Arocho Law Office at info@arocholaw.com.
© 2010 Arocho Law Office
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