PWCPA Blog
Mitigating Risk in Government Contracting Accounting
Government contractors face unique challenges and regulations. Our guide explores key accounting strategies to ensure compliance, mitigate risks, and thrive in the world of government contracting.
Do You Qualify to Receive the Employee Retention Credit in 2022?
The Employee Retention Credit (ERC) was included as part of the CARES Act of 2020. It encouraged business owners to keep employees on the payroll by providing them with a refundable tax credit for eligible employee wages paid. This credit was available in both 2020...
Important Tax Information for Self-Employed Workers
When you’re an employee for a company, paying your income taxes is relatively straightforward; the majority of what you owe is pulled directly from your paycheck, and you don’t have to pay too much attention to the issue until it’s tax season. However, if you’re...
Understanding How Potential Tax Law Changes Could Impact You
Tax laws change almost every year. However, most people hardly notice the change, and the impact on their taxes are minimal. If you want to be more proactive about planning for your taxes so that you can save more with each return, we encourage you to stay aware of...
FAQs about DCAA-Compliant Time Tracking
In order to qualify to participate in the federally funded STTR, SBIR, 8a, and SBA programs, small businesses must comply with certain rules and regulations. Failure to comply with proper regulations can result in your company’s removal from these programs and can...
Benefits of Tax Planning for Your Business
Many companies take a reactive approach to taxes: You fill out your return, pay what you owe (or collect your refund), then do the same thing again next year. However, this passive strategy can actually cost you thousands more in taxes over the years. That’s why we...
Navigating the Audit Process as a Government Contractor
As a government contractor, the audit process can be daunting and confusing; unfortunately, is also an inevitability, and it’s imperative that you’re prepared to face these audits on a regular basis. Understanding the audit process and preparing for it can help your...
Identifying Unallowable Costs on a Government Contract
For contractors, receiving a government contract can be a lucrative opportunity and a source of steady revenue for the future, since many government agencies will often elect to work with the same contractor many times. However, there are strict rules and regulations...
What Is the DCAA’s Checklist for Government Contractor Audits?
DCAA audits are standard procedure for anyone who contracts with the federal or local governments. Unlike tax audits and some other types of audits, a DCAA audit is not triggered when an error is detected or when the contractor is suspected of wrongdoing; rather,...