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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 the...

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 the correct payroll taxes or do you even need to be paying them?  Why not...

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 (page 14) Recognition of the Financial Accounting Standards Board’s (FASB)...

Unallowable Cost Events

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 by the term unallowable...