E Cohen CPAs GovCon Industry News
E. Cohen & Company CPAs, Here Are Your Articles for Thursday, May 30, 2019
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SBA Poised to Increase 8(a) Income and Net Worth Eligibility Standards

SBA proposes to “to make the economic disadvantage requirements for the 8(a) BD program consistent to the economic disadvantage requirements for women-owned firms seeking EDWOSB status." This is a proposed rule, and SBA would like your comments.

Agencies Agree to Do More to Identify Contractors With Tax Debts

A sizable portion of the “tax gap” of revenues that go uncollected by the IRS is attributable to current and would-be federal contractors. Auditors made 12 recommendations customized to each of five agencies, and to both the IRS and GSA, for enhancing controls to ease consideration of contractor tax debts.

DCAA Updates Its Guidance on Identifying Unallowable Costs

DCAA (Defense Contract Audit Agency) has updated its audit guidance for identifying expressly unallowable costs. This update comes as a result of recent court cases and wording changes to the FAR and DFARS. The updated guidance can be downloaded here.

Small Business Grants Versus Direct Government Contracts

Start-ups, entrepreneurs and new small businesses regularly seek information regarding small business grants. This article provides an overview of the difference between non-profit and for-profit business entities and the small business government grants and direct contracting available to each.

SBA Proposes Regulation Extinguishing WOSB Self-Certification

SBA has proposed an amendment to its regulations which will require Woman-Owned Small Business program participants to be certified by the SBA or an SBA approved third-party certifier. SBA is accepting public comments on the proposed amendment through July 15 of this year.

Avoiding Litigation When Auditing Government Contractors

However well intentioned and skilled a government contractor and its auditor may be, controversies may arise. Government contracting involves special risks that can affect contractors and the accountants they retain.

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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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