Common Problems for the Incurred Cost Submission

Common Problems for the Incurred Cost Submission Besides of failing to submit an incurred cost submission (ICS) when required by the contract (“Who needs an Incurred Cost Submission?”), some of the most common ICS problems are found within the recording…

Read More

Who needs an Incurred Cost Submission?

What is an Incurred Cost Submission and Who Needs to Submit One? The Federal Acquisition Regulations (FAR) clause FAR 52.216-7 requires government contractors to submit final annual indirect cost rates six months after the fiscal year end; known as the…

Read More

Cost Reimbursement Contracts

Cost Reimbursement Contracts Federal Acquisitions Regulations (FAR) 16.301-1 defines cost reimbursement contracts as contracts which allow for payment of allowable costs up to the agreed estimated ceiling amount. There are four types of cost reimbursement contracts. A cost sharing contract…

Read More

Firm Fixed Price Contracts

Firm Fixed Price Contracts Federal Acquisition Regulations (FAR) 16.202-1 describes a firm fixed price contract (FFP) as a contract which “provides a price that is not subject to any adjustment on the basis of the contractor’s cost experience in performing…

Read More

1099 or Employee?

Is your worker a 1099 or an Employee? The holidays will be over before you know it and it will be time to issue forms 1099 and W-2. How do you know which one you should issue?  Have you paid…

Read More

Contract Related Assets and Liabilities

Contract Related Assets and Liabilities There are several situations that give rise to contract related assets and liabilities when working with the government.  According to section 912-310-25 Recognition of the Financial Accounting Standards Board’s (FASB) accounting standards, receivables from the…

Read More

Impact of Unallowable Cost Events

Impact of Unallowable Cost Events Unallowable events can seem harmless enough, but are they really? What is the real impact of unallowable events for government contractors?  Before delving into the impact, let’s take a quick review of what is meant…

Read More