Companies owned by service-disabled veterans and those in the Small Business Administration's 8(a) program will receive the same contract preferences as small businesses in historically underutilized business zones (HUBZones), as part of an amendment in the National Defense Authorization Act for FY 2010. The amendment, which was introduced by Sen. Mary Landrieu (D-La.), was passed as part of the Act, which the Senate approved on July 23, 2009.

 

Click here to read a press release from the U.S. Senate Committee on Small Business and Entreprenuership.

Government contracts in Virginia must undergo a "true object" test in order to determine sales & use tax, according to state legislation. For contracts executed on or after July 1, 2006, the "true object" test is applied to each individual order, not to the underlying contract. 
 
In the test, if the "true object" of the transaction involves the rendering of a service, then the contractor should pay sales tax when the materials are purchased.  If the "true object" of the transaction involves the sale of tangible personal property, then the contractor can use a resale exemption to purchase the property exempt from sales tax.

Click here for more details on the "true object" test.

Do you think it's time to develop or re-evaluate your personal or corporate policy regarding document retention? If so, Watkins Meegan has developed a document retention policy chart to guide you in the process.

 

With guidelines for records retention, you'll be able to reduce the volume of paper or data in storage and meet legal requirements for record-keeping. Please visit our site to view and download guidelines to document retention.