PWCPA Blog
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...
The 5 Areas of Regulation for Federal Contractors
Getting started in Government Contracting is not easy. Aside from the massive difference from a private business, there are the rules of compliance that companies need to abide by to the letter in order to start, keep working on, and finish a government contract. Not...
Time and Time Reporting Ideas
Government Contract Accounting and 7 Top Practices for Time and Time Reporting Time and time reporting is one of the main ways that government contractors get their revenue and profits. Making a mistake with time and time reporting may have negative effects on their...
How to Provide Wrap Rates for Government Contracts
A Look at How to Provide Rates for Government Contracts Your COA, or Chart of accounts, is your company's financial blueprint-- containing all your financial transactions in a given year, broken down into meaningful categories. It helps you organize finances and can...
Why Your Business Needs a Budget Plan
What is common to every business when starting up? A plan. All businesses start out with one. Where to place the office, what equipment to buy, sales/service strategy, and of course-- a budget plan. Your business budget is: The state of your current finances Expenses,...
Understanding Provisional Billing Rates for Government Contractors
Working as a government contractor involves navigating a host of regulatory requirements—and learning all the acronyms that go with them. One of those acronyms is PBR, or Provisional Billing Rate. PBR is a critical step for contractors with cost-reimbursable and Time...
How Your Corporate Transactions Could Impact Pending Bids
Recent decisions made by the Government Accountability Office (GAO) and the US Small Business Administration’s (SBA) Office of Hearings and Appeals (OHA) may affect how your corporate transactions influence your eligibility for a government contract you’ve recently...