PWCPA Blog
What is an IRS Audit?
Facing an IRS audit can be a daunting experience, evoking feelings of apprehension and uncertainty. However, the process may not be as overwhelming as it initially seems. If you're a government contractor, you've likely encountered more rigorous audits from the DCAA...
Demystifying DCAA Audits: Understanding Their Importance
In the realm of government contracting, compliance with regulations and adherence to stringent accounting standards are paramount. One crucial aspect of this process is undergoing a DCAA audit. The Defense Contract Audit Agency (DCAA) audit is an essential evaluation...
5 Exciting Aspects to Look Forward to in Government Contracting
Government contracting presents unique opportunities for businesses to secure valuable contracts and contribute to public sector initiatives. While the process may seem daunting, it's important to recognize the exciting aspects that come with government contracting....
Essential Steps to Avoid Government Contract Accounting Errors
Government contracts offer lucrative opportunities for businesses, but they come with strict accounting regulations that must be followed to ensure compliance. Errors in government contract accounting can lead to financial penalties, damaged reputation, and even...
The Power of Pre-Award Surveys
What is the critical role of Pre-Award Surveys in government contracting and how they can pave the way for success? These surveys are essential and how they contribute to a transparent and efficient contracting environment. 1.) Ensuring Compliance Pre-Award...
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...