PWCPA Blog
Five Mistakes New Government Contractors Must Avoid
The US government is one of the world's largest buyers of goods and services. This is why being part of the government contracting industry is a very sought out deal. There are numerous ways to get your foot in the world of Government Contracting. You can start either...
An Update on Executive Order 14042 for Federal Contractors
Back when we were all slowly going back to the office, about a year ago from today, President Joe Biden signed Executive Order (EO) 14042, entitled "Executive Order on Ensuring Adequate COVID Safety Protocols for Federal Contractors." Enforced by the Office of...
How to Properly Cost PTO and Holiday Pay on Government Contracts
Properly reporting all of your costs related to each contract is essential to remaining in compliance with federal contracting requirements. If you hope to remain in good standing so that you can continue to receive contracts from the federal government, then you must...
Higher Federal Income Tax Brackets for 2023.
The Internal Revenue Service has announced higher federal income tax brackets and deductions for 2023. This will be applied to the tax year of 2023 and returns filed in 2024. There are more than 60 adjustments, and you can get the full document from the IRS website....
The Benefits of Using a CPA for Both Your Bookkeeping and Tax Preparation
Many business owners consider their bookkeeping and tax preparation to be separate issues that require separate professionals to complete. While it’s true that there are financial professional who specialize in each of these areas individually, it’s often better to...
Thriving as a Subcontractor in Government Contracting: A Roadmap to Success
The U.S. government is one of the largest spenders in goods and services, and the pandemic has only intensified its efforts to stimulate the economy through various government projects. While government contracting may seem daunting due to its ever-changing rules and...
BEWARE OF SUSPICIOUS EMAIL SENT TO PETER WITTS CPA PC OFFICE
To our valued Peter Witts CPA PC Clients, We would like to draw your attention to the suspicious email above that we received in our office. We do not know the source of this email, and out of an abundance of caution, we are sending this out to all of you so that you...
Solving Six Common Government Contract Accounting Problems
The US Government is the largest purchaser of services and goods not in the US but also comparatively the world. Our country has been in procurement for a very long time now and is very successful at it. This is why a lot of companies have gone into federal...
QuickBooks Accounting Tips for Government Contractors
QuickBooks is a popular accounting tool for small businesses, and it can be used while maintaining compliance with FAR and DCAA for government contracts. However, you do have to ensure that you’re utilizing QuickBooks properly if you want to maintain that compliance....