On October 24, GSA introduced Phase 2 of its Making It Easier (MIE) initiative. MIE was originally launched in April 2016 to address several challenges around its Multiple Award Schedules (MAS) program. The second phase adds numerous new efforts for both the contracting community and federal agencies. They include new quick start guides, designed to […]
DCAA has posted a new guidebook on their website called Selected Area of Cost Guidebook: FAR 31.205 Cost Principles. This guidebook replaces Chapter 7 of the Contract Audit Manual (CAM) in total. While this new guidebook retains much of the original content from Chapter 7, there are 13 areas which have been either updated or […]
Out-of-pocket medical expenses can be a burden for many and in the next year the burden could become worse. Beginning in 2013 as part of Obamacare, the floor for deducting medical expenses on your Form 1040, Schedule A, increased from 7.5% of your Adjusted Gross Income (AGI) to 10% of your AGI. Seniors are defined as age 65 […]
The fourth quarter has arrived and with that there are certain things that management should be preparing for the upcoming year. One of those items is computing budgeted indirect rates (provisional rates) for Fiscal Year 2017 (FY17). When calculating the FY17 rates, you want to ensure that the buildup includes any changes the business may […]
The ban on using DCAA staff for non-DoD agencies has been lifted. DCAA may once again provide full audit support to other agencies effective October 1, 2016, as posted on September 30th as a Memorandum for Regional Directors (MRD). DCAA lifted the ban because they reached their 18 month goal to reduce the Incurred Cost […]
Federal contractors, don’t forget that three important reporting deadlines are coming up this month! For GSA Schedule contract holders, the deadline for 72A Sales Reporting and IFF remittance is Sunday, October 30th. You must report, even if you have zero sales in the preceding quarter. Log in to the 72A Reporting website to complete these […]
The latest incarnation of aggressive scammers impersonating IRS agents features fake IRS notices arriving by e-mail or snail mail. According to the IRS, the fake notices labeled as “CP2000”, purport to be related to the Affordable Care Act and request information related to 2014. For further details, see the IRS announcement on this topic.