As a business owner or executive, it is highly likely that you are not preparing and submitting your business tax return. After all, tax rules are complicated and submission requirements can be a little unnerving. So, for those reasons and for peace of mind knowing that your tax return is prepared correctly, a savvy business owner or executive will outsource their tax preparation to a trusted firm that specializes in taxes.
Consider the Complexity of your ICP
So why not take the same approach with a contractor’s incurred cost proposal (ICP or ICE)? Why does the same philosophy not hold true with your ICP that does with your tax return? Some may think that preparing an ICP is simple, but that’s not necessarily the case. Every year changes occur that ultimately add to the complexity of the ICP preparation, whether it be the federal regulation (FAR 52.216-7(d)(2)(iii)), the adequacy checklist, the format of the presentation or the government auditor (DCAA) focus/expectation. Not to mention, the ICP can be time consuming for those that only prepare the ICP once a year while trying to balance their daily full-time job responsibilities.
Hire a Professional
For peace of mind knowing that your ICP is prepared adequately and possibly resulting in limited to no audit, why would one risk preparing an ICP internally when it can be outsourced to professionals that specialize and study government contract cost and federal regulation and who have prepared hundreds of ICPs? Don’t risk rejection, or worse, increased DCAA scrutiny and oversight by preparing your ICP internally. Consider reaching out to a professional.
At Redstone Government Consulting, we work with contractors, large and small, to timely and adequately prepare the annual incurred cost proposal, using professionals that have prepared hundreds of ICPs and who interact with DCAA on daily basis. We understand not only the regulatory requirements for preparation, but we also know and keep abreast of auditor expectations as well as the elements of the ICP schedules which can cause issues or increase risks. Let us help you to submit a compliant, adequate ICP and take the pressure off you and your staff.