Once Removed Episode 16: Gift and Estate Tax, Inflation Adjustments for 2024
Press: Inflation Adjusted Numbers Show BigLaw Continuing to Struggle
The bond yield curve inverted in October 2022. When that occurred, it started a countdown to recession. At least it has every time since 1968. Specifically, for the last eight recessions since 1968, every single recession was...more
Wednesday, January 10, 2024: US DOL‘s WHD Published Its “Employee or Independent Contractor” Classification Final Rule - The U.S. Department of Labor’s (“DOL”) Wage and Hour Division (“WHD”) published its much anticipated...more
On December 22, 2023, President Biden signed the National Defense Authorization Act for Fiscal Year 2024 into law after bipartisan congressional majorities approved the bill earlier in the month. The annual bill authorizes...more
Effective January 1, 2024, the minimum wage for workers who perform work on or in connection with federal contracts will increase from $16.20 per hour to $17.20 per hour. This will apply to most federal contracts entered into...more
Claims Cases Aries Construction Corp. v. United States, No.22-166C (February 21, 2023) - Court of Federal Claims Judge Schwartz issued an opinion discussing the relationship between the Contract Disputes Act (CDA) claim...more
In October 2022, I circulated “An In-Depth Examination of Inflation Relief for a Government Contractor[.]” Much has occurred since. Inflation remains an acute problem. In turn, contractors and subcontractors continue...more
On December 23, 2022, President Joseph R. Biden signed into law the 2023 National Defense Authorization Act (NDAA) as Public Law No. 117-7776, which included Section 822: “Modification of Contracts to Provide Extraordinary...more
Inflation relief for defense contractors, a ban on procurement of products and services containing certain Chinese semiconductors, and codification of the Federal Risk and Authorization Management Program (FedRAMP) governing...more
Unprecedented inflation levels have caused substantial hardship on government contractors during the last year – especially those with firm fixed-price contracts. Fortunately, meaningful help may be on its way. The Senate...more
Welcome to Holland & Knight's monthly defense news update. We are excited to bring you the latest in defense policy, regulatory updates and other significant developments. ...more
Inflation is generally down from 2021, but is still high in too many places, and is expected to persist in 2023. With inflation eroding value for this long, a Government contractor may need to obtain contract relief. ...more
An all but forgotten remedy in government contracting, Extraordinary Contractual Relief (ECR), is in the midst of a potential resurgence due to the Department of Defense’s (DOD) most recent memorandum on inflation entitled...more
The US Department of Defense issued a memorandum this month refining its guidance on inflation-related economic price adjustments for contractors with existing firm-fixed-price contracts. The updated guidance provides new...more
Inflation continues to be among the top problems facing government contractors, as it continues to rise and contractor’s resources to address the problem become depleted. Even falling gas prices is not enough to curb the...more
WHAT: The U.S. Department of Defense (DOD) is now signaling that it may be more willing to consider requests for equitable adjustment to firm-fixed-price contracts to compensate contractors for the effects of inflation....more
Prices are going up everywhere — at the supermarket, at the gas station, and online — with no apparent relief in sight. Construction is feeling it, too, with costs of materials skyrocketing. Unfortunately, based on recent...more
In response to industry questions about economic price adjustments for inflation, the Department of Defense (DoD) recently issued Guidance on Inflation and Economic Price Adjustments...more
Following on the heels of the coronavirus pandemic, high inflation now presents itself as the latest major challenge for government contractors. Inflation is on the rise, reaching levels that have not been seen in more than...more
The DE OFCCP Week in Review (WIR) is a simple, fast and direct summary of relevant happenings in the OFCCP regulatory environment, authored by experts John C. Fox, Candee Chambers and Jennifer Polcer. In today’s edition, they...more
Effective August 19, 2019, the Small Business Administration (“SBA”) has updated and increased the monetary-based size standards (i.e. receipts-based and assets-based size standards). The SBA announced this change back in...more
Small business federal contractors with annual revenues close to a relevant size standard should carefully review two important recent developments. The Small Business Administration (the “SBA”) adjusted its size standards,...more
he U.S. Small Business Administration (SBA) recently issued an interim final rule “adjusting the monetary-based industry size standards (i.e., receipts- and assets-based) for inflation that has occurred since the last...more
The interim rule increases all small business revenue-based size standards, allowing many businesses to regain small business status or to remain a small business for longer. SBA is increasing the revenue-based size...more
Today, SBA will issue an interim final rule increasing the receipts-based size standards for inflation. An unpublished version of the rule is available here. The change should be effective August 17, 2019, 30 days after the...more
GSAR Construction Contract Administration - The GSA has issued a proposed rule to revise GSAR part 536, Construction and Architect-Engineer Contracts, and related parts, to maintain consistency with the FAR and to...more