We all have taxes to pay and are expected to comply with various regulations.
The list of tax return and business submissions required of each of us varies depending upon our personal and business situations. Understanding which income, payroll, property, franchise, and professional tax filings are required is important. Ensuring the filings are accurate and timely is also critical.
In certain industries, such as government contracting and non-profit organizations, construction, and trucking, additional rules apply.
Where to start?
Information is readily available on federal, state, and local websites to guide research. Navigating the volume and complexity of information can be challenging. For some individuals and many businesses, accessing expertise and guidance to ensure compliance provides assurances and comfort.
Our Advisors are deeply knowledgeable, able to quickly assess business requirements and bring the right resources together to ensure compliance.
How does this work?
We partner with you to identify the tax and regulation requirements unique to your situation. We provide the comfort and confidence of having an expert on your team, so you can sleep at night.
Government contracting. Are you compliant?
It’s complicated. Government contractors face unique challenges and requirements.
In addition to Generally Accepted Accounting Principles (GAAP), Federal Acquisition Regulations (FAR), and Cost Accounting Standards (CAS) apply to government contractors. Federal auditors ensure contractors comply with these rules. Contractors face layers of rules to learn, understand, and systems to implement for compliance.
What does this mean?
Out of clutter, find simplicity. In the middle of difficulty lies opportunity. -Albert Einstein.
We are former DCAA auditors, and specialists, bringing a depth of knowledge and experience that will help you navigate rules efficiently and effectively. We offer a full range of services in support of the government contracting industry.
Don’t be late… for this very important date. Submit your incurred cost proposal.
Contracts containing the Allowable Cost & Payment clause have a requirement to file an Incurred Cost Submission (ICS) six (6) months after year-end. Don’t end up on DCAA’s Delinquent Contractors list for not providing an adequate submission, on time. We can help and offer the following benefits:
1. Experienced independent review to ensure your submission is compliant.
2. Time savings for overworked internal staff or staff without expertise.
3. Our staff will devote their efforts to ensure your submission is on time.
4. Experts that keep abreast of changes in the ICS requirements.
Seeing the future. Forward pricing – the mystery revealed
Final indirect rate calculations are completed after an accounting year is closed. For this reason, the government permits contractors to bill using estimated indirect rates. As an example, estimated indirect rates may be for fringe, overhead, and general and administrative costs. A Forward Pricing Rate Agreement (FPRA) is an agreement between a contractor and a government agency to establish the estimated rates for a specified period of time. Not all contractors are required to submit a Forward Pricing Proposal to the government. The cognizant contract administration agency determines and informs the contractor whether an FPRA will be established.
We can help prepare Forward Pricing Rate Proposals (FPRP) for submission to the government for certification of your cost and labor rates. Let us help your staff prepare the proposal and provide our experienced review prior to submission to ensure compliance and reduce your audit risk.
Is that job profitable? Understanding indirect rate management
Indirect costs have long been recognized as one of the most difficult areas to manage. To be successful, contractors need to understand the magnitude of their fringe, overhead, and general and administrative costs. Realizing how these rates are impacted can be challenging because there is not always the clear-cut relationship between indirect expenses and revenue, as there is with direct costs. Contractors must constantly be aware of the allocation of these costs to contracts in order to effectively understand and control profitability. We have the right procedures and tools to bring order and clarity to this process for your team.
Say what you mean and mean what you say. Disclosure statement
The details matter. Government contractors are required to submit a Disclosure Statement upon receiving significant contract awards. Completing this document carefully and thoughtfully is important as it defines, in detail, how you will account for government contract costs. Once established, it must be followed. We help our clients navigate the preparation of this important document, review it in detail prior to submission, and ensure ongoing compliance with the statement.
To bid or not to bid? Pricing and proposal support
We understand what it takes to stay competitive in this market. We support contractors in developing pricing and cost volumes for contract proposals, including IDIQs, single award programs, and task order awards.
Do you see what I see? Audit & review support
We may see what you do not. We apply our keen understanding of the audit process. We use the Auditor’s Lens to assist our clients in achieving a positive and sustainable audit outcome. Our audit readiness services cover the entire audit life cycle which may include auditability assessments, audit liaison support, and audit remediation support. We are knowledgeable about what auditors need, why they ask for certain information, and the importance of timely and accurate responses to requests. This knowledge will help you reduce the audit burden across your organization, preventing frustration when trying to translate how an auditor’s request applies to your organization.
Do you have a backbone? Policies & procedures
Policies are a set of guiding principles, direction, and standards: the ethos of an organization without which companies flounder (and not the good kind with tartar sauce).
Procedures define the way companies handle the tasks at hand, providing a day-to-day roadmap for actions and streamlining of internal processes.
When your staff is following policies and procedures, your organization will use time and resources more efficiently. You’ll be able to grow and achieve your goals as an organization.
Policies and procedures can be difficult to define. We have the expertise to walk you through this process: to help you create the backbone of your company.
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"We could not be more pleased with the service we have received from CPA Department. It is our one-stop shop for all of our financial business needs. Jennifer leads her team to provide ethical and timely financial and regulatory compliance guidance for our government focused practice and we have recommended her firm widely. Thank you for all that you do! Your dedication to helping us remain compliant, set and meet our goals, and scale for growth is directly correlated with our continued success."
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"The CPA Department provides meaningful and actionable expertise related to preparing for DCAA audits, prepares winning pricing proposals, and provides overall strategies for small government contracting businesses to succeed."
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