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Taxes – we pilfer from them but we won’t pay them & other news

Meanwhile, the owners and officers of some contractors that weren’t paying federal taxes had significant personal assets, including a sports team, a high-performance airplane, commercial properties, multimillion-dollar homes and luxury vehicles, the GAO said in its 2007 report. ~ Tom Shean – Virginian-Pilot~

History Facts for May 22

  • 1455 – King Henry VI was taken prisoner by the Yorkists at the Battle of St. Albans, during the War of the Roses.
  • 1900 – The Associated Press was incorporated as a non-profit news cooperative in New York.
  • 1977 – Janet Guthrie set the fastest time of the second weekend of qualifying, becoming the first woman to earn a starting spot in the Indianapolis 500 since its inception in 1911.
  • 1995 – Mr. and Ms Sparky were married
  • illustration by Jacob Thomas (Bloomberg)

    Tax requirement delayed, to the relief of companies
    Tom Shean – (The Virginian-Pilot) – May 22, 2011 – Companies doing business with the federal government have a bit more breathing room from what some say is an onerous tax provision.

    Earlier this month, the IRS delayed for another year a government plan for holding back 3 percent of the amounts paid to federal contractors.

    The program, designed to cover contractors’ tax liabilities, originally was scheduled to take effect at the beginning of 2011. The date was pushed back two years ago to 2012. Now it’s Jan. 1, 2013.

    Still, “it will be a cash-flow nightmare” for smaller defense contractors, especially those with modest profit margins, predicted Gregg N. Funkhouser, partner in charge of government contracting for the CPA firm Dixon Hughes Goodman.

    While the average profit margin for his defense-contractor clients is 7 percent, the margins for some are as low as 1 percent, and these companies likely will suffer, Funkhouser said during a presentation in Norfolk last week. (Click HERE for article)

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    We have an acronym for that and other news

    Pentagon Issues Bitchy Acronym Memo (PIBAM)
    Spencer Ackerman – (Danger Room) – April 15, 2011 – Anyone who has dealt with the military learned early on that our men and women in uniform don’t speak English, they speak Acronym. Full fluency typically corresponds with time spent on a headquarters staff, where the only thing officers like more than acronyms is PowerPoint, and the only thing they like more than PowerPoint is a PowerPoint filled with acronyms.

    And if there’s one thing defense bureaucrats like, it’s telling people to RTFM on the correct usage. (You can Google that one if you don’t already know it.)

    Apparently, officers briefing Defense Secretary Robert Gates recently deluged the Pentagon chief with an impenetrable and inelegant downpour of acronyms — obviously without consulting our guide to the best of them. Because last fall, his staff instructed practically the entire Defense Department on the right and wrong ways to use acronyms. OMG.  (Click HERE for article)

    DOD Launches New Helpline to Support Victims of Sexual Assault
    (DoD) – April 15, 2011 – The Department of Defense today launched its newest initiative to support victims of sexual assault. Using DoD Safe Helpline, service members can “click, call or text” for victim support services for themselves or others. The free, anonymous and confidential resource can be accessed worldwide, 24-hours a day, every day, to connect with live sexual assault support professionals.

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