Are your business system’s internal controls adequate for U.S. Government contracting? Are you ready for a contractor business system audit? If the government finds your system inadequate, it can severely affect your ability to conduct U.S. contract business. This article explains the basics.
Read more →In case you missed them, here are some of the most read articles from our accounting newsletter and blog in the first quarter of 2013. Click the article title to view the full article in a new window. Will the Healthcare Law Increase Your Costs? The sweeping Affordable Care Act has provisions that have...
Read more →Government contracts generally require stringent internal oversight measures to ensure that your business complies with contract terms and conditions — as well as the expectations of the government agency. For example, government contracts generally require close internal management and control of estimates, material management and accounting systems. As well, government contracts auditors evaluate other systems...
Read more →There are a number of schedules in the Defense Contract Audit Agency’s (DCAA) incurred cost proposal model that do not have to be included with your annual incurred cost proposal submission. But that doesn’t mean you are off the hook. Look for discrepancies before making a submission to the government that will require retraction...
Read more →When a government contractor submits an offer (a bid or proposal, depending on the type of procurement) to the federal government, the solicitation normally specifies the period within which the government can accept the offer and form a legally binding contract. The acceptance period is specified in one of two ways: Tips 1. Always...
Read more →Regulations Are Unquestionably Mandatory There are two important laws that a federal government contractor and subcontractor must be aware of: 1. The Davis-Bacon Act applies to U.S. Government contracts in excess of $2,000 for the construction, alteration, or repair (including painting and decorating) of public buildings or public works in the United States. (40 U.S.C. ? 3141...
Read more →The Complexities Of Indirect Expense Pools Are travel and attendance costs to conventions an allowable claim? Can your business include the expense of sponsoring a conference in its claimed indirect expense pool? It all depends on the nature and purpose of the event. The cost principle at FAR 31.205-43, Trade, Business, Technical and Professional Activity...
Read more →Late Wednesday, November 16th, the House of Representatives passed a bill (H.R. 674) that will repeal the controversial 3% government contractor withholding requirement. The bill repeals Sec. 3402(t), which requires withholding of 3% of payments by the federal or state governments or their instrumentalities or subdivisions (including multistate agencies) to any person for services...
Read more →When supporting decisions to bid or not to bid on a federal contract, your company’s development and sales staff members may focus on the potential amount of the sale, as well as your enterprise’s ability to deliver the goods or perform the work. However, when forecasting profit margins, the hidden costs of complying with...
Read more →The IRS has again delayed the implementation of mandatory 3 percent withholding on payments to government contractors. It is now postponed to apply to payments beginning on January 1, 2013. (The previous implementation dates were January 1, 2012 and January 1, 2011.) Reason for the delay: The Treasury Department and the IRS received numerous...
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