Accounting System Adequacy — Compliance 101 — Down to Basics!
The SF1408, Preaward Survey of Prospective Contractor (Accounting System) details some sixteen specific requirements a potential contractor must meet for their accounting system to be considered adequate. To make compliance more understandable and attainable, we've compiled the following five capabilities contractors should implement and document in written policies and procedures.
Take 3 Steps Now to Survive a DOL Cybersecurity Audit
Hacking and ransomware have the potential to create havoc for the assets and sensitive data housed in benefit plans across the country. As a result, in 2021, the DOL scaled up its interest in how administrators are addressing and responding to cybersecurity risks.
High Inflation with Inventory? Consider a LIFO Election for the 2022 or even the 2021 Tax Year if You Received an Extension
When inflation is high, certain companies could use it as an opportunity to save on taxes. Electing LIFO for the 2021 tax year might be a smart move, but time is running out. It’s also not too early to begin evaluating LIFO calculations for 2022.
Impact of New Lease Accounting Standards for Government Contractors
Do you have a lease? If so, it is important to be aware of the new Lease Accounting Standards for Government Contractors. Lease accounting standards are changing and government contractors need to know how this will affect them.
FinCEN Proposed Rule for Real Estate to Combat Money Laundering, Fraud
FinCEN issued a request for public comment in advance of a new proposed rule subjecting all-cash real estate transactions to new recordkeeping requirements. If passed, real estate would fall under increased regulatory oversight.
How the Government Buys Goods and Services: What Government Contractors Need to Know
The federal government is the largest single customer in the world. Continuing with our Basics of Government Contracting Series, in this blog post we discuss how the federal government buys goods and services and what you need to know as a government contractor.
