MDRI

Sub Contractor's Payment compliance and income Reporting in Business Return ? ========================================================== Thanks for replies to my threads. I am working as incorporated independent contractor(IIC) via own an S-corp for many years . I did provide services to Local Government and as tier-2 sub-contractors to Federal large Prime contractors . Past many years when we provided services thru another business entity as incorporated independent contractor, they made payments to our business accounts and we filed 1120S. We used to get 1099-NEC at the year end to show our annual receipts to report on our 1120S. As we worked with another entity for 2023 receipts, they are challenging the above practice . They are saying there is no obligation to report the payment made to our S-Corp to IRS using 1099-NEC. In addition, they claim there is no filing requirement of 1099-NEC with IRS for payment made to us. The above entity provided us 1099-NEC for 2022, so we filed our business return without any issues. As a Federal Contractors have an obligation to follow tax reporting / compliance. When contractor getting Federal $ for services, what are the filing/reporting requirement? What are the checks and balances rules for federal sub contractors abide by ? In addition, they claim they provided services to large corp, for which they are not receiving 1099/1099-NEC. It is puzzling me further. Is this correct? so, I IRS do not care, if business under report income. It looks like a big loophole for corp to hide receipts. Is there a purpose of filing business return then? After receiving payment, the business failed to file business return, how will IRS reconcile receipts/reporting ? I see, Instructions for Forms 1099-MISC and 1099-NEC (Rev. January 2024) state What will be the position S-Corp owner act as incorporated Independent contractor and filing 1120S ? Thanks for your guidance.

Responding jointly to Federal RFI transparency experience? ============================================== Thanks for reviewing my threads. We started working with a company, who has prior experience with Federal agency. They came to us for a joint RFI response to count our experience, where we added our experience/capability with the agency/industry (application development) in the RFI. We executed a NDA for this joint response. They said initially, they would be sending consolidated RFI response for a review , after making the consolidate RFI response (ours +theirs). After we sent all our responses/details , they responded saying "As a policy we do not share the final submission to the customer" We are scratching our head about these changes. We executed NDA on good faith expecting transparency. Their response/action after completing our piece creating a discomfort. Is this a normal practice ? What is the level of transparency, we can expect in this situation ? We worked with other companies without any NDAs that showed transparency. Thanks for your guidance.

I am looking for teaming to use gained Federal(IRS) experience? ============================================== Thanks for reviewing my threads. After working with Federal Agency (IRS) for many years, I am looking to use gained federal experience/process in their contract opportunities. We are not able see interested vendor list for posted opportunities in SAM.gov to network. Are there ways to find contractors, who is doing same kind work (with NAICS code) in specific Federal agency? Thanks for your guidance.

Browsing Recent Federal agency Awards? ====================== Thanks for reviewing my threads. We were able to find awarded contracts posting for an RFP in old FBO (Fed Business Ops). As this become new SAM . we did not see this info in SAM. This new SAM is not friendly as FBO. Now adays, I find many Federal agencies use different contact vehicles (GSA Alliant 2 etc ), but all are not getting posted in SAM.gov. I see g2xchange.com list all awards, but most recent ones are locked. What are the alternate resources available see these Awarded details? Thanks for your guidance.

I tried https://eweb1.sba.gov/subnet/client/dsp_Landing.cfm I I am able to see now. It says on TOP, When I picked a state, it shows small business seeking contracting opportunities list. How do I narrow down/find businesses seeking small businesses part ? Will large business also list about small business teaming here ? Thanks for sharing.

Thanks again. We have not started transition activity yet. New Prime is aligning their resources, but they did not reach out to exiting resources of incumbent . The current employer/incumbent are quite about gain employees agreement./discussions. I need guidance on how to approach (gain employees) subject with whom . Thanks for sharing.

Thanks or weighing in. How do I find the above info? Thanks for sharing.

Thanks for responding to my threads. I am finding a weird rule posted by federalsoup.com for their FORUM members. It says All new registrants to the Federal Soup Forum are required to use a .edu, .mil, or .gov email address in order to receive immediate access in addition, it says registration verification should come from Federal IP address. I am not sure Federal agency be happy for their resources to be used for Forums. How do we work with this rules ? Thanks for your guidance.

Thanks for weighing in. I understand. As I worked with this agency/project for many years and have SME/infrastructure clean background, active public trust with this agency. I am a federally compliant resource, who can perform the technical work. Is this a asset or liability ? How do I approach the new awardee to present my credentials? Is it a good idea to wait till we get transition plans /key players of new awardee present the credentials or approach them before this happen? Thanks for your guidance.

Finding teaming opportunity? ====================== Thanks for reviewing my threads. We were able to find interested vendors posting for an RFP in old FBO (Fed Business Ops). As this become new SAM . we did not see this info in SAM. This new SAM is not friendly as FBO. Where/how can we find the interesting vendors for RFPs? Thanks for your guidance.

What will SUB do, when incumbent loose the bid? =============================================== Hello fellow contractors, Thanks for reviewing my threads. I have a situation I need advice on. You may have been in this situation. I currently work thru a SUB with Prime for Federal agency. My prime contractor (incumbent) lost his bid. There are lot of uncertainty floating around all subs of this contract. We are not sure to have extensive experience with this agency and its tech infrastructure is an asset or liability. How will the new contractor know about existing resources experience/capability? What are the pro-active steps to take in this situation? What are the avenues available for subs in this situation? With whom, we can communicate/build relationships? Thanks for your guidance.