OMB Announces New "Goal" for Agencies to Accelerate Payments to Small Businesses
Client Alert | less than 1 min read | 09.20.11
On the heels of the announcement of the President's latest jobs initiative, on September 14, 2011, OMB established a new policy that agencies should accelerate payments to small business contractors, with a goal of making payments to small businesses within 15 days of receiving appropriate invoicing documents. As the policy makes no revisions to the Prompt Payment Act and imposes no new penalties for failing to achieve the 15-day goal, the degree of actual agency implementation will determine whether this is an effective first step toward improving small businesses' cash flow.
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Client Alert | 4 min read | 08.21.25
FLSA Overtime Reporting and Withholding
The One Big Beautiful Bill Act (the Act), signed on July 4, 2025, allows a deduction from an individual’s personal tax return on Form 1040 for “qualified overtime compensation” as defined in new Code § 225. The amount that can be deducted from the employee’s return is capped at $12,500 with the maximum then adjusted down if the employee’s AGI exceeds certain limits. This deduction is permitted in 2025.
Client Alert | 4 min read | 08.20.25
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