Redstone Government Consulting Blog | Compliant Accounting Infrastructure (7)

New Rule for Filing 1099s: The IRS rule TFA 23O1 reduces the electronic filing requirement from a threshold of 250 Information Returns down to 10.

Yes, you read that correctly. If you file more than 10 Information Returns after January 1, 2024, you are now required to submit those forms electronically. Employers must calculate the total number of Information Returns to determine if they meet the threshold, including 1099s, W-2s, 1098s, etc.

This means if you have a total of 4 Form 1098s and a total of 6 Form 1099-NEC, you must file electronically. All forms must be submitted to the appropriate party and through the IRS site utilizing IRIS or the “Information Returns Intake System” by the due date.

It’s the most wonderful time of the year! Below, we’ve created a compact list of action items for your Unanet accounting system at year end. Please don’t hesitate to call us to walk through this year end checklist with one of our consultants to help guide you.

In government contracting, Deltek Costpoint stands out as a comprehensive enterprise resource planning (ERP) solution designed to meet the specific needs of government contractors. One crucial aspect of financial management is the indirect rate true-up process, a fundamental component of invoicing within the Deltek Costpoint system. In this blog, we will explore the intricacies of Deltek Costpoint indirect rate true-up invoicing, shedding light on its significance, the process involved, and its impact on government contractors.

As we approach the end of the year, it is time to shift our focus on closing the fiscal year and preparing the upcoming fiscal year. Closing the fiscal year in Deltek Costpoint involves a series of steps to ensure accurate reporting, compliance, and a smooth transition into the new fiscal period. In this blog, we'll provide a guide on the steps for closing the fiscal year in Deltek Costpoint, focusing on both the General Ledger and Project aspects.

Most contractors that have contracts/subcontracts subject to full CAS coverage will eventually want to make a change to a cost accounting practice because there is a “better” allocation method or a change is required to remain in compliance with CAS.

If this were only a simple question. The most straightforward answer is that it is a good idea for any company to have policies and procedures. If that company is going to do business with the US Government those policies and procedures are going to have to be expanded as each contract may present additional requirements. To help you understand the complex level of requirements we will address the major business systems and other key areas.

FAR 31.205-20 provides that interest is unallowable on Federal Government contracts, no matter how it is calculated or presented in your financial books and records. This means you cannot propose, bill, or claim your interest expense.

One key feature that makes Deltek Costpoint the top solution for government contractors is its ability to manage the segregation of direct and indirect costs, especially through its Project Account Groups. In this blog, we'll discuss Project Account Groups in Costpoint, what they are, their importance, and how to use them to segregate costs properly.

Any company receiving a government contract for the first time will have lots of questions and changes to their operations as a result of that contract. The question is, will the accounting structure and approach to the company’s accounting practices have to change?

If you are awarded a fixed priced contract or a commercial FAR part 12 contract with the Federal Government with payment on delivery, you should not need to make any changes to your accounting practices based on US Generally Accepted Accounting Practices (GAAP). However, even a fixed priced contract or a commercial (FAR part 12) contract can become complex and require specific accounting be applied should the Government make changes to that contract after award, which they often do, during performance, or terminate the contract for the Government’s convenience.

The accounting function for a government contractor can be a tedious job at times. Be sure to utilize QuickBooks Online Workflows to its full potential to help simplify the process.