Where the employee receiving such benefits is a director of the company concerned, the benefits are taxable regardless of the level of remuneration. The liability to tax also applies in respect of benefits provided by an employer for a member or members of an employee's family or household.
Federal Acquisition Regulation (FAR) Federal Acquisition Regulation (FAR) is the body of laws that govern the U.S. Federal Government's procurement process.
According to BTLG Attorneys at Law, the Federal Acquisition Regulations do not require federal agencies to pay exempt employees for overtime. The regulating body does, however, suggest that federal agencies pay contractors for their work over 40 hours a week when the contracts are based on time and materials..