Government Contractors who pay employee bonuses benefit by following a few key principles outlined in the Federal Acquisition Regulation (FAR). FAR compliance ensures that bonuses will be allowable and included in overhead rates. Your company overhead rate can change significantly if your company fails to follow FAR guidelines. Bonus amounts paid to employees should be [...]
Did you know that over the summer there was a class deviation to the definition of the micro-purchase threshold? Most people didn't! Unless you are keen on reading FAR Part 2 daily, you may have missed this deviation. Class Deviation- 2017-O0007, Increased Micro-Purchase Threshold. This clause deviation is effective on Sept 01, 2017, and [...]
Note the following changes: The micro-purchase base threshold increased from $3,000 to $3,500. FAR 2.101. The ceiling for the use of simplified acquisition procedures for the purchase of commercial items increased from $6.5 million to $7 million. FAR 13.500. The threshold for obtaining certified cost or pricing data increased from $700,000 to $750,000. FAR 15.403-4. [...]
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