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.
FAR Councils raise simplified acquisition threshold. The simplified acquisition and subcontracting thresholds are among several acquisition ceilings that will increase on Oct. 1. The Federal Acquisition Councils issued a final rule today detailing several changes, including increasing the simplified acquisition threshold to $150,000 from $100,000. The simplified acquisition threshold governs when agencies can buy products or services more quickly, more economically and with a focus on small businesses. In another significant change, prime vendors will have to submit subcontracting plan on all contracts worth more than $650,000 instead of $500,000.