PWCPA Blog
Government Contractors to Pay $6.85 Million in Settlement with DoD
In a recent development in the field of government contracting, a group of freight carriers contracting with the US Department of Defense (DoD) has agreed to pay $6.85 million after deliberately overcharging the DoD for seven years. While this is obviously a very...
Top Reasons for Inadequate Government Contractor Proposals
Even if you’ve been in the contracting business for some time, submitting your first proposal for a government contract is a different kind of challenge. There are very strict requirements for your proposal, and if you don’t meet them, it will be very quickly...
The Impact of Russia’s Invasion on America’s Defense Budget
The Russian invasion of Ukraine has shaken the global community and dominated news outlets for more than a month. And there’s no denying that Russia’s war has had an impact on the American economy; inflation has increased drastically, especially for gas prices, due to...
Tax Deductions Independent Contractors Can’t Overlook
For independent contractors, tax deductions represent a major way to save on your taxes. Due to self-employment taxes, your tax bill can often come as quite a sticker shock, but ensuring you utilize the right deductions for your business, you can reduce that tax...
Government Contracting Accounting Services
Government contract accounting comes with a significant number of ever-changing Defense Contract Audit Agency (DCAA) and Federal Acquisition Regulation (FAR) rules and regulations. Complying with such a dynamic and extensive set of complex rules can be difficult to decipher let alone apply efficiently and without error to your daily business practices. Now, there is an easier way to safely meet each and every regulation while staying on task and on budget.
What Contractors and Business Owners Should Know about Reporting PayPal Income
Digital payment platforms have become a common substitute for cash transactions. Now, when you owe your roommate money for rent and or need to repay your friend for lunch, a simple Venmo or PayPal transaction can settle the debt instantly. But as these platforms have...
Tax Law Changes for 2022 That Every Taxpayer Should Know About
Almost every year brings with it a few tax law changes; it’s one of the things that makes tax law so complicated, and can make it so difficult to file your taxes on your own. While there were certainly plenty of changes for this tax year, here are the major highlights...
Should You Expect Your Tax Return to Be Delayed This Year?
Everything seems to have slowed down these days, thanks to labor shortages and supply chain issues, and the IRS is no exception to this. The IRS has been working with roughly the same number of employees since the 1970s, despite the number of taxpayers increasing...
Common DCAA Compliance Issues for First-Time Government Contractors
Getting started as a government contractor can involve jumping through even more hoops than starting a new business. All government contractors are required to meet DCAA compliance standards, but understanding those regulations—much less actually meeting them—can take...