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…

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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…

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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…

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Why a Small Business Should Have a CPA

Why a Small Business and Start-up Companies Should Have a CPA Accountants can assist with all stages of your small business.   Most entrepreneurs don’t realize the value a CPA can add to their business; accountants are not just for preparing…

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The Impact of New FASB Lease Requirements

New Lease Requirements for Lessees Scandals in the last several decades, such as Enron, have caused accounting organizations throughout the world to take a look at the way leases are reported or not reported on the financial statements. As a…

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Are Gifts to Employees Taxable?

Did you know certain gifts are taxable income to the employees, which can irritate your employees and defeat the purpose of your gifts?  Also there are reporting requirement for the business.  If a gift is taxable income for employees, the…

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Overhead versus G&A Indirect Costs

Is there an important difference between a general and administrative (G&A) expense and an overhead (OH) expense?  Do these indirect costs really matter?   The answer is yes if you want to remain a government contractor and avoid issues with DCAA.  …

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