SAM stand for the “System for Award Management.” It is a federal government website that acts as a single point of contact for government contractors. Sub-grantees must register in SAM to receive an award. Also, you must have a valid registration in SAM before you supply products or services to the government. SAM will register an organization, classify it, and ensure it is in good standing. Once registration is complete, a D-U-N-S Number is issued. A federal contract can only be awarded with this number.
A Comprehensive Guide to SAM.gov
If you’ve ever attempted to sell to the federal government, you’ve probably come across SAM.gov. The System for Award Management is the official website for persons who make, receive, and handle government awards. GSA collaborated and connected with partner sites to provide a strong platform for registering, reporting, searching possibilities, and storing sector data. SAM.gov allows you to search for contract opportunities and entity registration, view data reports, look up assistance listings, and connect with resources to help your small company prosper.
Every business that sells to the government is required to register with SAM. Knowing SAM.gov’s capabilities can help you deal with some of the difficulties of doing business with the federal government, whether it’s your first or 100th time selling to the government. It is a crucial component of the federal procurement process. Here’s what you should know.
SAM.gov Registration of Your Entity
Creating a SAM account is the first step in submitting your GSA Multiple Award Schedule (MAS) bid and is essential if you want to sell to federal agencies. SAM.gov has simplified registration, but you will still need a variety of details to establish your SAM.gov registration, including:
- Your TIN (Taxpayer Identification Number)
- Financial Information (Electronic Funds Transfer from a US bank)
- Point of contact (POC)
To obtain all of the essential information for registration with SAM.gov, you will need to work with your company leaders and accounting department.
Account Renewal on SAM.gov
Set the alarm for a few weeks before your SAM account’s anniversary date because your SAM.gov registration must be renewed yearly. Updating your registration might be time-consuming because it requires updating and reporting each year. If you do not renew by the first year, your online record will expire and be marked inactive. The following are the most critical sections of your SAM.gov update:
- Your banking details
- Size metrics
- Certifications and Representations
You may also amend your POC and NAICS codes when revising your entity’s registration. Remember that registration and yearly renewal are both free. Be wary of communications that urge you to pay a fee to update your SAM.gov registration. If there are no substantial changes, your SAM registration may take a few days to be accepted once submitted. They may call you to confirm the revised information if there are major changes.
What Is Exclusion from the System for Award Management (SAM)?
An exclusion sometimes called a suspension or debarment, prevents a certain contractor from getting federal government contracts. Depending on the grounds for the exclusion, this might be a temporary or permanent exclusion. Government contractors must register with SAM.gov, and being excluded from SAM can hurt your firm.
What are the Possible Reasons Behind this Exclusion?
There are various reasons why a contractor may be barred from registering on SAM.gov and earning federal contracts. Here’s a more in-depth explanation of why you could be included in the SAM exclusion list.
The contractor has been denied entry into the United States
Those prevented from entering the United States are ineligible for federal contracts. Of course, this only applies to contractors or businesses headquartered in a foreign nation. One of the first things contractors should examine if they reside outside the United States and discover that they are on the SAM exclusion list is whether they are prohibited from entering the country.
The contractor infringed on national security protocols
Certain government-issued contracts require government contractors to observe national security regulations. Any infractions of these security norms may result in disqualification from SAM and ineligibility for future federal contracts. It might be a temporary or permanent exclusion from SAM, depending on the severity of the infraction and the number of past convictions.
The contractor was convict of tax evasion
Tax evasion, sometimes called tax fraud, is an illegal attempt to avoid paying taxes. If you are guilty of tax fraud, your name is place on the SAM exclusion list, which is generally indefinite or permanent. In this instance, you are consider to owe the government money and violate federal law. Similarly, any illegal commercial activity for which you are convict may put your firm on the SAM exclusion list.
The organization owes money on student loans
You may be on the SAM exclusion list if you obtained government-issued student loans for your college or trade school and are still working to repay them. It is especially true if you have yet to receive several student loan payments or if your loans are presently in default. Pulling your educational loans out of default might fix the problem in many circumstances.
The employer owes the federal government money
As previously stated, student loan debt may be a reason for SAM exclusion. Additionally, if you owe money to the federal government for whatever reason, you may be put on the SAM exclusion list.
The contractor did not follow FAR guidelines
The Federal Acquisition Regulation (FAR) is the government’s contract procurement guidelines. Any breaches of FAR guidelines, such as accounting mistakes or inability to meet timekeeping criteria, may result in SAM exclusion.
InLogic IT Solutions LLC is Here to Help You
InLogic IT Solutions LLC is a premier source of professional CPA services in Dubai, UAE region. We provide a variety of consulting/advice, outsourced accounting, and tax services to help organizations with their most difficult operations. Our experts are committe to helping optimize your organization’s efficiency, scalability, and profitability regardless of industry.