PWCPA Blog
Important Tax Advice for New Business Owners
Starting up your own business requires a lot more than just coming up with a product and service to sell. Establishing and building up your business involves a lot of small details that you have to take care of as a new business owner. One of those things you have to...
What Government Contractors Should Expect from a DCAA Audit
If you intend to contract for any government agency, you should expect to face many DCAA audits during the course of your career. Unlike IRS audits, which usually only occur when something in your records is called into question, DCAA audits occur virtually every time...
Biden Administration and His Call for Federal Contractors to Get Vaccinated
Washington, September 9 - President Joe Biden calls it the "Pandemic of the Unvaccinated." mentioning that "We've been patient but our patience is wearing thin." It's the next step of the current administration's efforts to get the nation vaccinated, and it's a very...
5 Reasons Government Contractors Need Professional Accounting Services
All businesses must have some form of accounting. For some small companies, business owners are comfortable maintaining their own books. For others, an in-house accounting department handles the finances. But for government contractors, a professional accountant that...
The Top Benefits of Outsourcing Your Accounting Services
Every business has at least some basic accounting needs. If you have a professional income and spend money to keep your business running, it’s important that you’re properly maintaining your books and keeping up with all of your financial records. While some...
What to Expect from an IRS Audit
Simply hearing the word “audit” can be enough to put a knot in the pit of your stomach. But the good news is, an audit from the IRS probably won’t be nearly as difficult as you think it will be. In fact, if you’re a government contractor, you’ve probably dealt with...
Direct and Indirect Costs in Government Contract Accounting
One of the biggest issues in Government Contract Accounting is the identification and segregation of costs. It’s a make or break separation that is at the core of Government Contracting. These are fairly simple but can get rather confusing and must be as natural to...
What is the DCAA? How do I comply with DCAA?
Back in the '50s, each branch of the military handled its own contracts and its own accounting. This was a veritable mess as the country went through a lot of wars at this time. We needed one agency to provide standardized audits for the Department of Defense. The...
Navigating the New Normal: Starting a Government Contracting Business Amidst Uncertainty
The year 2020 has presented unprecedented challenges with the COVID-19 pandemic, lockdowns, and the "New Normal" that has impacted all aspects of life. The world of business and economics has not been spared from the effects either. Layoffs have become widespread,...