The tax filing season is upon us, and many will be looking for someone to help them file a tax return. The IRS announced that the 2019 tax filing season will begin on Jan. 27. The agency expects to receive more than 150 million individual income tax returns.
If you are searching, choose their tax return preparer wisely. This is because it is ultimately you, the taxpayer, who is responsible for all the information on your income tax return. It is important to remember this is true no matter who prepares the return.
A FAR compliant accounting system is a common prerequisite for becoming a pre-qualified consultant for a state transportation department.
Your accounting system must, among other functions, properly segregate direct and indirect costs in accordance with the Cost Accounting Standards (CAS) of Federal Acquisition Regulation(FAR) Part 31 for you to work government contracts.
If you do not have a FAR compliant accounting system, you could fail to get or keep pre-qualified consultant status and perhaps miss opportunities to bid on transportation contracts all together.
Technically known as a firm's "indirect cost rate," the more familiarly known "overhead rate" is the percentage of general expenses that consultants can bill to contracting government agencies. More specifically, it is the ratio of allowable indirect costs to total allocable direct labor costs.
Subscribe now and receive regular updates!