PWCPA Blog
Federal Contracts: Exploring Pros and Cons for Success
Federal contracts are crucial agreements between government agencies and contractors, outlining obligations and payments for goods or services. There are two types of government contracts: prime contracts, directly between the government and a prime contractor, and...
Mastering Government Contract Bidding and Accounting: Key Steps to Success
Your company possesses the necessary tools, personnel, skills, and expertise to excel in fulfilling government contracts. However, understanding the process of bidding for a federal contract is essential for securing opportunities. Here are some crucial steps to...
Inflation Affects Your Government Contract
These days, we can no longer overlook the effects of inflation in fixed-price government contracts. These are contracts where you take the risks of inflation and increase in cost. There are very few contracts that allow for compensation for contractors when inflation...
DoD Makes Tighter Measures on Compliance with Cybersecurity
A recent memorandum from the Department of Defense DoD tightens its rules on Cybersecurity standards in its contracts, including actions against non-compliant contractors. The rampant threats in Cybersecurity have made the DoD more strict with compliance in this...
What Happens in a Full DCAA Audit
When the DCAA comes into your company for an entire business system audit, scrutiny and dissection are two words that come to mind. In our 20-plus years of experience, we've seen it take somewhere between a year and a year and a half, with companies and accountants...
Unlocking Success in Government Contracting: 9 Tips for Small Businesses
Are you a small business aiming to surpass your competition and attract private customers while achieving significant income? It's time to explore the world of government contracting. Although it can be highly competitive and complex, the rewards are substantial. To...
Student Loan Forgiveness. Is It taxable?
It was bound to happen. The ITT Technical Institute and more recently Corinthian Colleges had been taking advantage of the federal government with their student loans. As a result, many of the students' loans were forgiven and many students were released from their...
Expand. Innovate. Diversify, as the DOD Opens its Doors to Small Businesses
Weeks ago the DOD had its Defense Department Small Business Training Week Conference. Where the theme was "Expand. Innovate. Diversify." A lot of DOD small business professionals, contracting officers, and program managers were all encouraged to attend the conference....
Government Contracts and Accounting: Understanding the Implications of the Rising Retirement Age
The retirement age has been steadily increasing since 1935, when Congress set it at 65. Currently, it stands at 67 and is projected to continue rising as the Baby Boomer generation reaches retirement. What does this mean for individuals planning to retire and collect...