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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
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)
The Associated Press – March 24, 2011 – A U.S. soldier who pleaded guilty Wednesday to the murders of three Afghan civilians was sentenced to 24 years in prison after saying “the plan was to kill people” in a conspiracy with four fellow soldiers.
Military judge Lt. Col. Kwasi Hawks said he initially intended to sentence Spc. Jeremy Morlock, of Wasilla, Alaska, to life in prison with possibility of parole but was bound by the plea deal.
The 22-year-old Morlock is a key figure in a war crimes probe that has raised some of the most serious criminal allegations to come from the war in Afghanistan. Army investigators accused him of taking a lead role in the killings of three unarmed Afghan men in Kandahar province in January, February and May 2010.
His sentencing Wednesday came hours after he pleaded guilty to three counts of murder, and one count each of conspiracy, obstructing justice and illegal drug use at his court martial at Joint Base Lewis-McChord, south of Seattle.
Morlock, the first of five soldiers from the 5th Stryker Brigade to be court-martialed in the case, will receive 352 days off of his sentence for time served and could be eligible for parole in about seven years, said his lead attorney, Frank Spinner. He will be dishonorably discharged as part of his sentence.
Under his plea deal, he has agreed to testify against his co-defendants.