Daily Archives: July 13, 2017

Potential for No More DCAA Incurred Cost Audits!

Defense government contractors could potentially see no more DCAA incurred cost audits beginning October 1, 2018. Section 820 of the National Defense Authorization Act (NDAA) for Fiscal Year 2017 has established a new and independent Defense Cost Accounting Standards Board (DCASB) to oversee cost accounting standards across all of Department of Defense (DoD). The three primary objectives for this new board are:

  1. Review cost accounting standards created by the CAS Board and provide recommendations
  2. Implement cost accounting standards across the DoD
  3. Develop standards to ensure DoD’s adherence to standards established by the CAS Board or GAAP

The board’s first order of business will …read more

Read more here:: Government Contracting

Financial Statement Audits – IT Lessons Learned | Part III: Access, Passwords, Configuration, and Change Management

In today’s world, it is imperative that confidential information does not end up in the wrong hands. Only authorized users should be able to view and change information. Strong passwords are an essential component of effectively restricting access to deter compromise attempts from internal and external actors. Considering the confidential nature of financial data and related information, adequate controls are needed for access including passwords, and changes to the financial system including hardware, software and the supporting database. After a productive audit season in the field, Aronson has compiled a list of tips to help companies create a roadmap to …read more

Read more here:: Technology

Virginia Businesses: STOP Overpaying Local BPOL Tax Webinar Q&A

In June, Michael L. Colavito, Jr. and Grant Patterson hosted an informative webinar, “Virginia Businesses: STOP Overpaying Local BPOL Tax,” where they guided taxpayers in determining if they are paying too much in Virginia local business license tax, also known as BPOL tax. As a follow up to this webinar, Michael and Grant have prepared answers to the questions asked by the webinar attendees. To watch the complete webinar, please visit Aronson’s website.

Would government contractors who provide engineering services, logistics, or training be taxed under the contractor or retailer BPOL classification?

A government contractor that provides engineering, logistics, …read more

Read more here:: Tax