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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...
Budget for PBR’s and Price Proposals
Why Budgets are Important for PBR's and Price Proposals Part 2 of a 2-part series Provisional Billing Rates and the Budget Provisional Billing Rates (PBRs) are crucial for government contractors. PBRs are the projected indirect cost rates, like fringe, overhead, and...
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 business. Most entrepreneurs don’t realize the value a CPA can add to their business; accountants are not just for preparing payroll and tax returns! From the...
Are Gifts to Employees Taxable?
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,...
Overhead versus G&A Indirect Costs
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...
Retro Pay or Bonus?
Retro Pay or Bonus? How many times have your government contracts received approval for rate changes after the employees have been paid? This causes payroll dilemmas for many government contractors. Your employee worked 50 hours on a project at the old rate, but a...
Are Legal Costs Allowable or Unallowable for Government Contractors?
Are Legal Costs Allowable or Unallowable for Government Contractors? One of the most ambiguous things that a government contractor or their accountant has to deal with when making accounting entries is the allowability of legal fees and costs. The rules regarding...
End of the Year Accounting Checklist
One of the things that you will need to do for your business at the end of the year is to close the books. If they have been kept up with the accounting practices throughout the preceding months, this shouldn't be too difficult to accomplish. However, there are still...
How to Survive an Audit
Just the idea of being audited by the IRS strikes fear into the hearts of most small business owners. Some peace of mind should be found in the fact that audits are pretty rare for one simple reason: money. The IRS doesn't have the budget to audit everyone and less...