AGC Seeking Further Member Input
The Occupational Health and Safety Administration’s (OSHA) Advisory Committee on Construction Safety and Health (ACCSH) recently released a revised version of a proposed health and safety checklist. ACCSH is seeking to mandate that federal contractors submit this checklist as a source selection evaluation factor for the award of contracts directly from the federal government.
On May 15, the Ways and Means Subcommittee on Select Revenue Measures (SRM) held a hearing on the small business and pass-through entity tax reform Discussion Draft, which was released on March 12 by Chairman Dave Camp (R-Mich.). The Committee released the Discussion Draft to solicit feedback on the details of the draft proposals, which the Committee intends to include as part of comprehensive tax reform legislation that broadens the tax base, lowers tax rates, and simplifies the Internal Revenue Code (IRC) for households, small businesses, and corporations.
On May 15, President Obama directed Treasury Secretary Jacob Lew to request the resignation of Acting Internal Revenue Service Commissioner Steven T. Miller, as part of a response to quell an unraveling scandal over the Agency’s admission of selectively screening conservative nonprofit groups seeking tax exemption status under 501(c)(4). The announcement comes as the administration sought to contain scandals on multiple fronts that may imperil its second-term agenda. That same day Miller penned his resignation, stating, “This has been an incredibly difficult time for the IRS given the events of the past few days.” He added, “And there is a strong and immediate need to restore public trust in the nation’s tax agency.”
On May 16, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) released their revised Exposure Draft on leases. The revised Exposure Draft on leases is a joint effort of the FASB and the IASB and proposes that most leases of lessees would be recognized on the balance sheet, with the goal of providing transparent information that is decision-useful to users of financial statements.
On May 16, AGC sent a letter opposing the possible use of a project labor agreement (PLA) mandate posted by the U.S. Army Corps of Engineers Mobile District for large scale dredging projects—over $25 million— within Alabama, Mississippi and Florida.
Join AGC Member Company CFOs, CEOs and other senior accounting professionals June 13-14, 2013 in San Diego, California for the AGC Financial Issues Forum (formerly the Tax and Fiscal Affairs Committee Meeting). Be sure to make your hotel arrangements by Monday, May 20 to take advantage of group rates.
You are urged to join your industry allies in Washington, D.C., on June 4-5, 2013, at the Hyatt Regency Washington for the Transportation Construction Coalition’s 2013 Legislative Fly-In and deliver the message to Congress that timely reauthorization of MAP-21 must be a priority. Remember that lack of action by Congress to address Highway Trust Fund solvency before September 30, 2014 could lead to significantly reduced highway and transit funding in future fiscal years. Many members of the House and Senate are not convinced that this is a problem. They seem to think that states will make up whatever decline there is in Federal funding. They need to be educated and this is the perfect opportunity.