The Hoffman Group is a full-service accounting and consulting firm headquartered in the Baltimore, Maryland region. Our dedicated team provides a comprehensive array of assurance, consulting and tax services for businesses and individuals. By thoroughly evaluating our clients’ unique financial needs, we create personalized solutions and develop comprehensive plans for their success. To us, the most valuable part of our business is client relationships. That is why we are built on the pillars of transparency, trust and respect. Our highly skilled team of professionals and Certified Public Accountants provide the knowledge, passion and technical abilities to help our clients thrive.
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Billing Requirements in Federal Contracts: Are You Compliant?
Are you compliant with your billing requirements under your U.S. government cost-reimbursable contracts? Federal Acquisition Regulations (FARs) provide for inclusion of the contract clause in FAR 52.216-7, entitled Allowable Cost and Payment, in cost-reimbursement contracts. This clause provides for the government to make payments to you when requested as the work progresses. How Often Can You Bill? Tips:- Follow contractual and regulatory instructions for preparation of an...
Do you subcontract a large portion of your U.S. government contract work to outside organizations or individuals? If so, you may be found to have incurred excessive pass-through charges, which could affect your recovery of a portion of your costs and related profit. In accordance with Section 866 Duncan Hunter National Defense Authorization Act for Fiscal Year 2009, the Federal Acquisition Regulation (FAR) was amended to disallow excessive pass-through charges...
Tips for Picking the Right Nursing Home Facility
Do you have a loved one — perhaps an elderly father or mother — who may soon need extended nursing care? Moving a relative into a long-term care facility can be a costly proposition. But there's more to consider than just the price tag. It's often difficult to determine the quality of care your relative will receive as a resident. Fortunately, amidst public outcry for greater transparency, the Senate recently...
It’s a Good Time to Buy Business Equipment and Other Depreciable Property
There’s good news about the Section 179 depreciation deduction for business property. The election has long provided a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets instead of taking depreciation deductions over time. And it was increased and expanded by the Tax Cuts and Jobs Act (TCJA). Even better, the Sec. 179 deduction isn’t the only avenue for immediate tax write-offs for qualified assets. Under...
At The Hoffman Group, we take a personal interest in your success. Drawing on over 60 years of combined practice, our team has a breadth of experience in anticipating challenges businesses may face and developing strategic plans to meet their financial objectives. We focus on an array of industries such as construction, manufacturing and distribution, and government contracting to help you make healthy financial and business decisions that amplify profitability and maximize competitiveness.