The Statute of Limitations; The Contractors New Best Friend!

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Cost reimbursement contractors burdened with numerous unaudited outstanding Incurred Cost Submissions (ICS) received good news recently because the interpretation of the Federal Statute of Limitations (SOL) has changed. As explained below, the new interpretation significantly affects Incurred Cost Submissions and audits for the most part, to the contractor’s advantage.

Per the SOL, either party to a Federal contract has six years from the “accrual of the claim” to present the claim to the other party. FAR Part 33.201 defines “accrual of the claim” to be the date when all events, that fix the alleged liability of …read more

Read more here: Government Contracting

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Aronson LLC has been thinking ahead for its clients for more than 50 years. Aronson’s construction, real estate, government contracting, nonprofit, technology and private industry experts provide innovative audit, tax, and consulting services that help its clients move to the next level. From start-up to exit strategy, Aronson works with companies throughout the entire business lifecycle by proactively identifying opportunities and addressing challenges so that clients are able to focus on their core business. Aronson shows companies how to rethink everything to be more profitable, more competitive and better prepared for the future.

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