Identifying Unallowable Costs – Lodging and Subsistence Costs

The Defense Contract Audit Agency (DCAA) is noticing many government contractors are inaccurately recording lodging and subsistence travel costs and it’s become an area of “low hanging fruit” for DCAA auditors. What are the unallowable expenses under DCAA guidelines?

2019-12-03T09:12:40-05:00September 28, 2018|Categories: Government Contracting, Tax: Business|Tags: , |

New IRS Audit Rules May Require Partnerships to Amend Agreements

Thanks to a change in the Internal Revenue Service’s (IRS) partnership audit procedure, business’ filing a partnership return may be at a greater risk for an IRS audit because of the partnership agreement itself. Under the new audit plan, effective January 1, 2018, partnerships are audited at the entity level and any tax due is to be paid by the partnership instead of the partners. This streamlines the audit process for the IRS and reduces the need to open audits for each individual partner, but it leaves the IRS expecting to have to audit a lot more returns because of filing errors.

2018-10-03T13:17:48-04:00September 27, 2018|Categories: Tax: Business|Tags: , |

Plan’s Interest in a Master Trust – Disclosure Requirements

ASU Issued: The Financial Accounting Standards Board (FASB) issued ASU 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), [...]

Nonprofit Reporting of Expense Allocations

Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements of Not-for-Profit Entities (Topic 958), issued August 18, 2016 by the Financial Accounting Standards Board (FASB), [...]

2018-08-22T15:52:59-04:00November 16, 2016|Categories: Accounting, Audit & Assurance, Not-for-Profit|Tags: , , |

The Basics of Temporarily Restricted Contributions

For some nonprofit organizations, contributions are a significant source of revenue.  Proper accounting treatment for those contributions is key, which include tracking and monitoring restricted [...]

2019-08-30T12:06:59-04:00November 15, 2016|Categories: Audit & Assurance, Not-for-Profit|Tags: , , |

New Standard Changes How Leases are Treated Effective Late 2019

Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) – issued February 25, 2016 For most non-public entities this update is effective for fiscal years beginning [...]

Not-For-Profit Financial Reporting Standards Are About to Change

The Financial Accounting Standards Board (FASB) has been working on refreshing the financial reporting model for nonprofit organizations for some time. The FASB first announced [...]

2018-10-18T15:56:51-04:00July 11, 2016|Categories: Not-for-Profit, Tax: Business|Tags: , , |

What ASU 2014-09 Means for Construction Contractors

On May 28, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers. This significant undertaking – which resulted [...]

2019-02-05T18:56:35-05:00May 17, 2016|Categories: Construction and Real Estate, Tax: Business|Tags: , |