Clifton, NJ -- (SBWIRE) -- 03/09/2017 -- Leading accounting, tax and advisory firm Sax LLP has provided information on its website regarding an important upcoming financial disclosure deadline in the state of New Jersey. The deadline is relevant for all New Jersey government contractors, who, by March 30, 2017, must submit their annual disclosure reports in accordance with the state's pay-to-play law requirements. Government contractors failing to meet the strict compliance requirements are subject to penalties ranging from fines to an up to four year disqualification from government contracts.
The financial services firm, which maintains offices in New York and New Jersey, explains that the pay-to-play law in New Jersey is intended to support the process of awarding government contracts. By requiring the detailed financial disclosure reports, the state endeavors to create a more fair and transparent government contract process and limit the perception of corruption or biased influence.
In particular, Sax LLP notes, the pay-to-play law requires two forms of financial disclosure from government contractors. The first type of disclosure is a pre-contract disclosure that contractors must submit before entering into a contract with an anticipated value of more than $17,500. In the event of a contract with a value expected to exceed the amount, the contractor is required to disclose any political contributions exceeding $300 that were made in the calendar year prior to the contract. The disclosure also stipulates that the contractor will refrain from political contributions for the duration of the contract.
The second financial disclosure required by New Jersey's pay-to-play law, and the focus of Sax's recent announcement, is the annual disclosure—due this year on March 30. The annual disclosure requires businesses and organizations awarded a total of $50,000 or more in government contracts during the calendar year to file an annual disclosure report through the New Jersey Election Law Enforcement Commission (ELEC). The report can be submitted through the commission's website and must be done by the annual deadline that follows the contract.
Even businesses awarded government contracts that did not make political contributions over the previous year are required to submit the disclosure, Sax notes. The firm's pay-to-play deadline announcement also includes information for contractors on prohibited contributions, exclusions and legal best practices.
Further details can be found at https://www.saxllp.com/new-jersey-pay-to-play/
About Sax LLP
Sax LLP is a regional leader in financial services focusing on the provision of actionable business advice to improve overall business performance. Beyond traditional tax, accounting and advisory services, Sax also offers financing and strategic planning services for businesses and wealth management strategies for individuals.
Company: Sax LLP
Address: 855 Valley Road, Clifton, NJ 07013