The critical role of SAM registration for federal contractors
Federal contractors must ensure they keep their SAM registration up to date. If a contractor's SAM profile expires, the government is no longer authorized to work with that contractor.
GILTI: An Overview
US citizens and tax residents who have formed — or are considering forming — a corporation in a foreign country may be impacted by global intangible low-taxed income (GILTI). The tax implications and considerations are complex. Understanding GILTI is important for making informed decisions for yourself and your business structure.
Understanding the Service Contract Act (SCA) for Government Contractors
As a government contractor, understanding your obligations under the Service Contract Act (SCA) is essential. In this blog post, we will provide you with an overview of the SCA, including its requirements and challenges when implementing the standard. We will also discuss how compliance can be achieved and the risks associated with noncompliance.
Recovering Your Indirect Costs Depends on Your Budgets
By Neena Shukla, CPA, CFE, CGMA, FCPA, CTP | If you have a responsible estimating system, you would typically anticipate recovering all of your direct costs. However, to ensure recovery of your Company’s indirect costs, requires a good budgeting process and established internal controls.
Analyzing Indirect Rate Changes – Base or Expense?
Budget variances, the difference between planned billing rates and planned forward pricing rates and actual performance, favorable and unfavorable, will happen. When they do, it is critical to profitability to understand what is causing the variance so it can be considered in your budgeting process going forward or operationally corrected.
Is My Research and Development Expense Allowable under FAR?
In this blog post, we'll take a look at what types of research and development expenses can be considered allowable under the FAR, as well as some tips for ensuring that your expenses meet the criteria.
Analyzing Indirect Rate Changes – Base or Expense?
Budget variances will happen. When they do, it is critical to profitability to understand what is causing the variance so that it can be considered in your budgeting process going forward or operationally corrected.
Need Help with Your Accounting Policies and Procedures?
One of the most important aspects of an adequate accounting system lies in the supporting policies and procedures. But where do you start when developing these policies and procedures?
What Government Contractors Need to Know about PTET
Understanding the rules and laws governing PTETs and various state rules, as well as GAAP guidance, can help make sure government contractors remain compliant and efficient.
Accounting System Compliance – Foundation for Success
An accounting system for government contractors is composed of a general ledger, unallowable costs, job costing, labor collection, indirect cost allocation, and billing. An accounting system does not equate to accounting software; it is the process, including written policies and procedures.