Federal Contractors DCAA Compliance Checklist

DCAA Compliance Checklist For government contractors, it is extremely important to be Defense Contract Audit Agency (DCAA) compliant. Now that tax season is almost over, government contractors should take some time to make sure they are DCAA compliant.  Below is…

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Maintaining Payroll

Maintaining Payroll The beginning of the year is behind us, but we still have a lot to look forward to. For one thing it means learning from last year’s mistakes and starting fresh.  Chiefly, the payroll process is one area…

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Allowable Travel Costs

Allowable Travel Costs Federal Acquisition Regulations (FAR) If a government contractor incurs business travel costs, then all the costs should be fully allowable, right? Not necessarily, the Defense Contract Audit Agency (DCAA) provides guidance on allowable travel expenses in the…

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Can a Business Fully Deduct a “Luxury” Vehicle?

Can a Business Fully Deduct a “Luxury” Vehicle? The Internal Revenue Service provides criterion and regularly updated tables as guides for business vehicle deductions. The deductibility of a vehicle used for business purposes is subject to various limitations and rules.  The examples…

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Are CPA’s Solely Tax Gurus?

Are CPA’s Solely Tax Gurus? The simple answer is no.  Certified Public Accountants (CPA) are much more than just tax gurus. These professional accountants are trusted business advisors whose services are only limited by the expertise and experience of each…

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Working Capital

Working Capital What is Working Capital? Working capital measures a business’ ability to pay its short term liabilities. This is measured by subtracting the total current assets from the total current liabilities.  Current assets include cash, inventory, receivables, and other assets which…

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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…

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