PWCPA Blog
Important Tips to Protect Yourself from Identity Theft
The New Year can be a busy time—for you, and for identity thieves. As we enter tax season, many criminals will ramp up their activity levels, stealing personal identifying information in time to file a false tax return in your name. This allows them to collect a...
5 Signs Your Accounting System Isn’t Up to CAS and FAR Standards
In order to work on government contracts, your accounting system must measure up to the Cost Accounting Standards (CAS) of Federal Acquisition Regulation (FAR). These regulations often differ from basic accounting methods, and it’s important you’re using an accounting...
Navigating College Savings: The Power of 529 Plans for Government Contractors
The staggering student loan debt in the US, which has recently surpassed $1.7 trillion, highlights the increasing importance of a college education in today's job market. Parents strive to ease the financial burden for their children's future by setting up college...
In-House or Outsourced: What’s the Better Option for Your Accounting?
Businesses typically have two options for meeting their accounting needs: in-house or outsourced. Once your company reaches a point that you need a professional accountant, knowing which option to choose can be difficult. How do you determine which option is best for...
7 Elements to Making Your Accounting System DCAA Compliant
DCAA compliance is a must for all government contractors. However, grasping DCAA compliance, particularly in terms of accounting methods, can be daunting. Ensuring proper accounting can be challenging for any business, but when DCAA standards come into play, things...
Major Tax Deductions and Credits that Many People Miss
Tax deductions and credits can make a big difference in how much you owe on your tax return—and that’s true for individuals and businesses alike. However, too many people are unaware of all of the deductions and credits they qualify for, and they end up missing out on...
Home Loan Approval Essentials for Government Contractors
Buying a home marks a significant milestone, but navigating the mortgage approval process can be both thrilling and nerve-wracking. To ensure a smooth journey towards homeownership, having the right documents in place is paramount. Proof of Income: Lenders scrutinize...
Consolidated Accountant: Bookkeeping and Tax Benefits
Managing your personal finances and tax returns may differ from your business's needs. Bookkeeping and tax benefits require specialized attention. We’ve already discussed why you should have professional accounting services for your government contracting business;...
How Your Business’s Corporate Structure Impacts Your Taxes
Selecting a corporate structure is crucial when establishing your business. Understand how each structure impacts taxation, aiding in informed decisions. Corporations Most types of corporations, including C corps, are taxed similarly as separate tax-paying entities by...