CPA Department

A costly new climate rule is coming for federal contractors | Federal News Network

Biden's administration has proposed a new rule for . To get one industry view on the proposed rule, to the (Tag Federal Drive) with host (Tag Tom Temin) who spoke with the federal counsel for the Associate General Contractors of America, Jordan Howard.

A costly new climate rule is coming for federal contractors | Federal News Network

A costly new climate rule is coming for federal contractors | Federal News Network The Biden administration has proposed a new rule for federal contractors. It wants them to report their greenhouse gas emission levels, financial risks, and what the proposals calls "

Discrepancies during a DCAA floor check can have a negative impact on your organization’s reputation and adversely affect its ability to procure contracts with .

If discrepancies are found, DCAA will ask the contractor to create a plan for correction, and will schedule additional floor check audits to monitor the contractor’s corrective action plan.

If you have any further questions or need expertise and help with DCAA audits, you can contact us here right now.

Contact Us for Outsourced Accounting Services | CPA Department (cpadept.com)

The majority of around the country have been stretched thin over the past couple of years. The financial setup for nonprofits looking ahead to #2023 is no brighter.

However, as bleak for some as it may sound, there are opportunities for nonprofits to re-think their income strategies in the months ahead.

Check out these five areas of opportunities for nonprofits to prepare for fewer grants in 2023.

5 Ways For Nonprofits To Prepare For Fewer Grants In 2023 (forbes.com)

Difficult time or opportunity? The choice is yours!

Generally, supervisors should not initiate time records on behalf of employees. However, DCAA allows supervisors to do this if the employee is absent for a prolonged period on authorized leave or travel.

Employees should certify the timesheet completed by their supervisor and turn in their own timesheets upon returning from a business trip or time away due to leave or illness.

Whether missing an opportunity to take a or incorrectly calculating a position, mistakes create the risk of and penalties or missed deductions and higher tax payments.

Investing in planning provides an opportunity to take steps during the to make transactions that reduce overall taxes.

Let us work with you to identify pitfalls and opportunities in time for your company to proactively make decisions and preserve wealth. Online Tax Services for Businesses | CPA Department (cpadept.com)

Great from , CFO of !

A new program of the U.S. The Department of Labor (DOL) will allow employers to secure relief from late deposits of #401(k) contributions without DOL review; certain limitations are detailed in the article below.
https://www.jdsupra.com/legalnews/late-deposits-of-401-k-contributions-4455610/

There are many reasons why a system might not work—such as when the power goes out or there’s a server malfunction. But, regardless of what happens to your computer systems, you still have an obligation to keep track of employee hours manually. When the system is back up, copy your handwritten records of time worked into the electronic system.

Forbes

Here they are…

The greatest every company should be ready to face in 2023.

The 7 Biggest Business Challenges Every Company Is Facing In 2023 (forbes.com)

Forbes Forbes is a global media company, focusing on business, investing, technology, entrepreneurship, leadership, and lifestyle.

We are currently in unprecedented times, and need to prepare for the uncertainty we are facing.

Floor check are intended to ensure that employees understand compliant timekeeping procedures and are performing his or her job correctly.

Here are a few example questions that you may be asked in the event DCAA shows up unexpectedly to your business.

When providing financial statements to banks, agencies, and third parties, companies want to put their best foot forward, avoiding embarrassing and public mistakes in financial reports. are experienced accountants and experts in and historical recordkeeping.

We provide Controller services supporting clients to ensure the month-end close process runs smoothly, financial reports are delivered on time, balance sheet accounts are reconciled, and accrual entries are posted accurately.

Our Controllers partner with clients to provide oversight and guidance. We provide the comfort and confidence of having an expert on your team, so you can sleep at night.

Learn how our firm has been helping companies like yours for 30+ years: Fractional CFO Services & Consulting | CPA Department (cpadept.com)

Great insights from , CFO of for today’s .

Today as we reflect and honor , let us also reflect and honor what it means to be a great leader.

is not easy. It requires making tough and often unpopular decisions.

It is accepting responsibility when things go wrong while giving away credit when things go well.

It means running head first in the fire when everyone else is running in the other direction.

Leadership is challenging, but it is one of the most fulfilling and rewarding experiences I have ever had, because it means I have the opportunity to change the lives of people every day.

What does mean to you?

DCAA is examining a policies and procedures for providing employees work authorizations, implementing and enforcing timekeeping policies compliant with , and reviewing overtime and uncompensated overtime policies.

During the floor check, an auditor is likely to examine a contractor’s attendance policies, request an employee list from the contractor, and interview a sample of employees to ensure that their schedules and work authorizations agree with the information shown on timecards or other records.

DCAA auditors will further interview employees about their timekeeping practices and verify this information against internal controls.

Forbes

Forbes Finance Council has identified the top three key learnings from 2022 that should keep front and center as they plan for another challenging year ahead.
Are you in alignment with what Forbes is proposing? , I am interested to know your thoughts on what did or did not get mentioned in the article.
3 Key Learnings CFOs Should Keep Front And Center For 2023 (forbes.com)

Forbes Forbes is a global media company, focusing on business, investing, technology, entrepreneurship, leadership, and lifestyle.

As it is critically important to be proactive and in control rather than reactive and emotional. Think of yourself as a thermostat. When situations become hearted or emotionally charged, it is your function to de-escalate them.

DCAA audits are triggered by a number of events.

Primarily, it is the contracting officers’ or administrative contracting officers’ need to make decisions or meet regulatory requirements, and they request the audits.
However, DCAA also initiates by random sampling as well as in the event a concern arises regarding a specific contractor or practice.

DCAA does not perform audits at the request of a . The agency only performs audits in response to requests from federal agencies and through self-initiation.

Few things are more complicated than doing business with the U.S. .

In addition to the everyday issues encountered by all businesses, face unique challenges at each step in the business lifecycle.

Along with this risk, however, comes immense opportunity. We offer a full range of services in support of the government contracting industry, such as:
➕Incurred Cost Submission
➕Forward Pricing
➕Indirect Rate Management
➕Disclosure Statement

Learn how our firm has been helping like you for 30+ years: Business Accounting Outsourcing Company | CPA Department (cpadept.com)

With experts predicting a in the next 12 months, it’s essential that focus on liquidity by reducing expenses and conserving cash.

When Is Tax Day 2023?

Is it too early to be talking about filing for …?

We don’t think so!

Mark your calendars- for 2023, falls on Tuesday, April 18th!

Remember, the sooner you file, the sooner you’ll get your refund.

Tax Day Guide: When to File and When Is Tax Day 2023? - Buy Side from WSJ
Is it too early to be talking about filing for …? https://www.wsj.com/buyside/personal-finance/tax-day-01668009397

We don’t think so!

When Is Tax Day 2023? The sooner you file, the sooner you’re likely to get your refund.

Floor checks are unannounced and occur at random times, by design. It’s the intention of DCAA to ensure timekeeping and labor charging controls are in place and enforced by on a routine basis.

Top 10 Inspiring Women Entrepreneurs To Watch In 2023

#2023 is set for a great start!

These women have made a name for themselves through their business, and are showing no signs of slowing down.
If you are looking for some entrepreneurial inspiration, look no further than these women!

Top 10 Inspiring Women Entrepreneurs To Watch In 2023
https://www.entrepreneur.com/en-au/leadership/top-10-inspiring-women-entrepreneurs-to-watch-in-2023/439828

Top 10 Inspiring Women Entrepreneurs To Watch In 2023 These women have made a name for themselves through their businesses, and they show no signs of slowing down

Hiring is necessary for growth, and each role should have a direct impact on the strategic outcome of your . This is never more acute than during stagnation when the spotlight burns even brighter on each function.

Floor check audits are used by DCAA to ensure that a ’s timekeeping policies and controls on labor charges comply with regulations. This is accomplished by validating employees’ time records for integrity and correctness.

Labor is one of the Government’s largest . For this reason, the invests significant efforts to monitor and audit labor charges.
should have well-documented policies and procedures for timekeeping and ensure the policies comply with Federal Acquisition Regulations (FAR) to be appropriately prepared for a floor check audit.

FAR | Acquisition.GOV

have all of the tax, , M&A, exit strategies, and wealth management concerns that other businesses have, and, most importantly, they have a whole host of unique needs surrounding and the constant effort to maximize cost recovery.

The CPA Department is uniquely qualified to help your company succeed, having a depth of knowledge and experience in the industry.

Learn how our firm has been helping contractors like you for over 30+ years: Government Contract Consulting - CPA Department (cpadept.com)

The first of 2023 goes to , CFO of .

In November of last year, the Office of Federal Contract Compliance Programs (OFCCP) proposed a new Scheduling Letter and Itemized Listing that will greatly increase the amount and specificity of documents and information that must provide for evaluations.

OFFCP’s current scheduling letter does not expire until April 30th of this year. If approved, the new letter would be in effect after that time.

Although it is still in the proposal state, OFCCP’s proposals highlight the need for federal contractors and to take the outreach and evaluation (including compensation analysis) requirements in OFCCP’s affirmative action plan regulations seriously, as OFCCP is signaling that it intends to take a hard look at contractors’ efforts in meeting these obligations.

OFCCP to Require Additional Documents for Government Contractors (natlawreview.com)

DCAA floor checks can be a nerve-racking experience for .

DCAA performs these surprise audits in order to make sure are accounting for their labor properly while following required regulations.

Here are 9 common about DCAA floor checks, along with our answers to help you be best prepared in the event DCAA shows up unexpectedly to your business.

Are You Ready for a DCAA Floor Check? - CPA Department (cpadept.com)

Wishing you and your company all the best as we enter #2023.

We look forward to working together throughout the upcoming year.

#2023

Just as the passing of time is inevitable, so is experiencing change.

As we head into the , I challenge you to reframe the way you perceive change. By accepting the evidence that change is inevitable, it becomes less intimidating, and adapting to it feels inspiring.

Forbes

The adjusted around 60 tax provisions for annually to prevent “bracket creep”. While the adjustments won’t apply until the (filed in 2024), understanding these changes is essential to you and your business investment strategy.

All About The IRS Tax Inflation Adjustments For The 2023 Tax Year (forbes.com)

Forbes Forbes is a global media company, focusing on business, investing, technology, entrepreneurship, leadership, and lifestyle.

Just as you are about to see the benefits of this year’s financial decisions, you soon realize it is time to start planning for your business’s financial strategies for 2023.

As a business owner and leader, I understand that your time is limited and your financial planning may not receive your full attention.

At the CPA Department, we focus on your business’s accounting so you can focus on running your business successfully in the new year.

Let’s work together to maximize your time and start your business’s finances on the right track for 2023.

Business Accounting Outsourcing Company | CPA Department (cpadept.com)

Despite the challenges of the , and year end, carve out time when you can allow yourself peace and quiet. This is key to being energized, not depleted. Reflect on this year with these questions.

Importance of Debriefings - Govcon Giants

founder and managing partner of , LLC shedding some light on the value and importance of debriefings for .

Importance of Debriefings - Govcon Giants

Importance of Debriefings - Govcon Giants Ever heard of the word “debriefing”? If you haven’t, it’s time you are made aware of the value and importance of debriefings to your small business’s success.

The holidays aren’t over yet!

According to a LendEDU survey, nearly a quarter of Americans believe their will put them into this year.

Holidays: great for businesses, but not so great on the American .

Love. Happiness. Peace.

May these be your gifts this holiday season.

During the holiday season, I find it more important than ever to step away from your job, and give yourself the gift of a break and time to think creatively.

When I am not worried about handling the little details of my business, my mind is free to think more clearly. Ideas begin to emerge that I didn't have room to think of before.

Sometimes, using your time wisely means getting the rest you need to recharge.

Did your Q4 financial strategy meet your expectations for your business?
At the Department, we handle everything from start to finish while keeping you informed of important changes or issues that arise as they happen.

Full weekly and monthly reports are generated by your management and accounting staff, and all required reports and submissions to your are included in our complete, all-in-one servicing arrangement.

Learn how our firm has been helping firms like yours for 30+ years: Government Contract Accounting - CPA Department (cpadept.com)